Devaluing China’s Yuan incurs Egypt Stocks $779mn losses

Egypt’s stock market sagged Wednesday with losses worth 6.1 billion Egyptian pounds (US$ 779.1million) on foreign selling pressures.

The market capitalisation has recorded 485.623 billion pounds during the closing session of Wednesday.

Indices

Egypt’s benchmark index, EGX30 slumped by 2.12 percent to 7911.88 points.

The newly-launched EGX50 EWI index went down by 2.42 percent to 1401.57 points.

EGX20 shrunk by 2.46 percent to 7887.73 points.

In addition, the mid- and small-cap index EGX70 slumped by 2.04 percent to 443.22 points. The price index, EGX100 plummeted by 1.53 percent to 625.87 points.

Turnovers up

On Wednesday, the bourse’s trading volume has hit 140.892 million securities, with turnovers closed at EGP 559.811 million, exchanged through 17,887 thousand transactions.

Also during the closing session, 181 listed securities have been traded in; 122 declined, 16 advanced; while 37 kept their previous levels.

Investors’ Activities

Egyptian and Arab investors were net buyers on Wednesday capturing 84.87% and 4.54% respectively of the total markets, with a net equity of EGP 19.749 million and EGP 270,130 thousand, respectively, excluding the deals.

On the contrary, the foreign investors were net sellers getting 10.59% of the total market, with a net equity of EGP 20.019 million, excluding the deals.