Cairo stock market cap falls 3% in week a foreign selloff

A selloff by foreign institutional investors triggered a 3 percent weekly fall in the market capitalisation of Cairo stock exchange to 849.635 billion Egyptian pounds ($47.7 billion).

Benchmark EGX 30 plunged by 3.13 percent in a week, closing at 15,309 points on Thursday. The mid- and small-cap index, EGX 70 edged lower by 0.9 percent, closing last week’s trade at 743 points. Price index, EGX 100 lost 1.95 percent closing at 1,900 points.

Low Turnovers

During the week, the trading volume hit around 815 million securities, compared with 1.003 billion a week earlier. For the traded value, it reached around 6.6 billion pounds against 10.5 billion pounds a week earlier.

Investors

Foreign investors were net sellers throughout last week of trading on Egyptian bourse, capturing 21.38 percent of the total market, with a net equity of 935.33 million pounds, excluding the deals.