EGX 30 Dives 2.42%, Ends Below 5600 Pts On Foreign Selling Pressures

After suspending its trading for one day on the occasion of October war victory, the Egyptian Exchange (EGX) resumed Monday through posting closing losses of EGP 7.9 billion as the capital market has amounted to EGP 387.266 billion.

EGX indices closed in dark red.

The main index, EGX30 dived by 2.42% to close at 5587.37 p.  EGX20 pulled down by 2.85% to end at 6447.45  p.

Meanwhile, the mid- and small-cap index, the EGX70 sank by 2.51% to conclude at  514.9 pts.  Price index EGX100 inched  lower by 2.48% to finish at 861.5 p.

Traded volume reached 142.758  million securities worth EGP 592.041 million, exchanged through 31.500 thousand transactions.

This was after trading in 175 listed securities; 133 declined 21 advanced while 21  keeping their previous levels.

The EGX’s losses were driven by the foreigners’ profit-taking deals.

Egyptians  and Arabs  were net buyers seizing 72.2% and 10.97% respectively, of the total markets, with a net equity of EGP 17.948 million and EGP 29.967 million excluding the deals.

On the other hand, non-Arab Foreigners were net sellers seizing 16.84% of the total markets, with a net equity of EGP 47.915 million excluding the deals.

Leading Stocks:

EGX’s leading stocks unsteady performance during closing.

Citadel Capital:

Citadel Capital (CCAP.CA) dived by 4.91% to end at EGP 3.87.

Orascom Construction Industries:

Orascom Construction Industries (OCIC.CA) pushed down by 3.40% to finish at EGP 278.43.

OCI announced Monday that it will not pay additional tax dues after selling one of its listed companies in the last period.

OCI sold in 2007 its entire stake in Orascom Building Materials Holding to French Lafarge at $ 12.9 billion.

OCI noted that the capital gains from selling its entire stakes in the EGX-listed Orascom Building Materials Holding to Lafarge are tax exempt.

It added, in a release sent to EGX that, reports published in some newspapers and websites about imposing taxes or fines on listed companies has no relation to such taxes or dues.

Orascom Telecom Holding:

Orascom Telecom Holding (OTH) (ORTE.CA) dropped by 3.07% to finish EGP 3.47.

Orascom Telecom Media & Technology Holding:

Orascom Telecom Media & Technology Holding (OTMT.CA) dipped by 1.89% to close at EGP 0.52.

EFG-Hermes:

EFG-Hermes Holding (HRHO.CA) went down by 1.53% to end at EGP 10.95.