EGX 30 Ends This Week Below 5210Pts, OCI Falls 4.42% On Unsolved Disputes

The Egyptian Exchange (EGX) has ended this week incurring losses of EGP 4.3 billion driven by non-Arab foreign selling pressures.

The capital market has reached to EGP 361.392 billion during Thursday’s closing session.

The EGX indices ended Thursday in dark red notes.

Egypt’s benchmark index EGX30 sank by 2.08% to close at 5207.21 p; while EGX20 pushed down by 1.66% to end at 6182.04 p.

Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.11% to conclude at 456.15 pts.  Price index EGX100 dipped by 0.99% to finish at 758.09 p.

During  Thursday’s closing, the trading volume hit 89.931 million securities, less than Wednesday’s 106.389 million securities, representing a decline of 16.458 thousand securities. For the traded value, it reached EGP 371.546 million, exchanged 17.431 thousand transactions.

This was after trading in 171 listed securities; 78 declined, 50 advanced; while 43 keeping their previous levels.

The non-Arab foreigners’ selling pressures driven EGX’s closing as they were net sellers seizing 43.56% of the total markets, with a net equity of EGP 60.427 million excluding the deals.

Meanwhile, local and Arabs were net buyers seizing 49.15% and 7.29% respectively, of the total markets, with a net equity of EGP 45.190 million and EGP 15.237 million excluding the deals.

For the leading EGX-listed firms’ stocks, Orascom Construction Industries – OCI (OCIC.CA)’s dived by 4.42% to close at EGP 229.34. This was after its meeting Wednesday afternoon with the Egyptian Tax Authority’s Anti-Tax Evasion Department, as part of current investigations over charges of tax evasion in OCI’s deal to sell Orascom Building Materials to French Lafrage. The Wednesday meeting has not signaled any reconciliations between the OCI and the ETA. OCI and ETA agreed to resume their negotiations next Sunday, March 17th.

Orascom Telecom Holding (OTH) (ORTE)’s stock sank by 2.80% to finish at EGP 4.17.

Orascom Telecom Media And Technology Holding SAE (OTMT.CA)’s stock pushed down by 1.30% to conclude at EGP 0.76.

Additionally, EFG-Hermes’ stock went down by 0.37% to end at EGP 10.90.

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