EGX 30 Falls 0.96%, Opens Below 5000 Pts On Local Selling Pressures

During Tuesday opening session, the Egyptian Exchange (EGX) has posted losses of EGP 1.5 billion as the capital market has amounted to EGP 347.280 billion, according to data compiled by Amwal Al Ghad at 11:10 a.m. Cairo time (09: 10 GMT).

The EGX indices opened in red.

The main index, EGX30 pushed down by 0.96% to 4998.72 p. EGX20 fell by 0.80% to 5727.92 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched lower by 0.04% to 437.51 pts.  Price index EGX100 dipped by 0.34% to 734.79 p.

Traded volume reached 16.022 million securities worth EGP 31.878 million, exchanged 1.974 thousand transactions.

This was after trading in 104 listed securities; 43 declined, 25 advanced; while 36 keeping their previous levels.

EGX’s losses were driven by local selling pressures.

Egyptians were net sellers seizing 97.1% of the total markets, with a net equity of EGP 10.223 million excluding the deals.

On the other hand, Arabs and the non-Arab Foreigners were net buyers seizing 1.14% and 1.76% respectively, of the total markets, with a net equity of EGP 2.285 million and EGP 7.937 million excluding the deals.

The benchmark stock index surrendered its spot as the world’s best performer this year after renewed political unrest in the country triggered the worst drop since last year’s uprising.

EGX30, which tumbled the most on Sunday (Black Sunday) since the start of last year’s uprising, slid 3.9 percent to 4,726.04 at 10:37 a.m. in Cairo today, trimming this year’s gains to 31 percent. The measure lost the top spot to Pakistan’s Karachi 100 Index and fell to fifth place among 93 indexes tracked by Bloomberg. The Egyptian pound, subject to managed float, weakened 0.2 percent, the biggest intraday drop since December 2011, to 6.1042 a dollar.