EGX 30 Drops 1.44% Driven By Egypt’s Foreign Reserves Data; Midday

During Wednesday’s midday session, the Egyptian Exchange has incurred losses of EGP 2.75 billion driven by foreign sellers amid announcing Egypt’s foreign reserves recent data. The capital market has amounted to EGP 383.772 billion, according to data compiled by Amwal Al Ghad at 12.36 p.m. Cairo time (10:36 GMT).

Egypt central bank said on Tuesday foreign reserves dropped almost 10 percent in January to $13.6 billion.

The EGX indices were in red during midday.

The main index, EGX30 slumped by 1.44% to 5711.86 p. EGX20 fell by 1.11% to 6630.5 p.

Meanwhile, the mid- and small-cap index, the EGX70 dipped by 0.40% to 480.84 p.  Price index EGX100 inched down by 0.66% to 810.28 p.

This was after trading in 152 listed securities; 96 declined, 19 advanced; while 37 keeping their previous levels.

During Wednesday’s midday session, the trading volume has reached 153.268 million securities worth EGP 271.222 million, exchanged 12.972 thousand transactions.

The EGX’s midday losses were driven by the non-Arab foreigners and Arabs’ selling pressures as they were net sellers seizing 22.35% and 12.23% respectively, of the total markets, with a net equity of EGP 1.339 million and EGP 11.992 million excluding the deals.

Meanwhile, Egyptians were net buyers seizing 65.42% of the total markets, with a net equity of EGP  13.331 million excluding the deals.