EGX 30 Halts 3-Day High, Opens Below 5385 Pts

The Egyptian Exchange has opened Wednesday’s session incurring losses of around EGP one billion driven by non-Arab foreign sellers.

The capital market has amounted to EGP 369.168 billion, according to data compiled by Amwal Al Ghad at 11:02 a.m. Cairo time (09:02 GMT) during Wednesday’s opening session.

The EGX indices opened in red notes.

Benchmark EGX30 tumbled by 0.41% to 5382.86 p; while EGX20 fell by 0.59% to 6348.68 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched down by 0.18 % to 463.01 p.  Price index EGX100 dropped by 0.19% to 776.46 p.

This was after trading in 82 listed securities; 39 declined, 9 advanced; while 34 keeping their previous levels.

During Wednesday’s opening session, the trading volume has reached 20.626 million securities worth EGP 27.253 million, exchanged 1.565 transactions.

EGX opening losses were driven by the non-Arab foreign net sellers seizing 17.71% of the total markets, with a net equity of EGP 4.847 million excluding the deals.

Meanwhile,  Egyptians and Arabs were net buyers seizing 76.52% and 5.77% respectively, of the total markets, with a net equity of EGP 4.041 million and EGP 805.565 thousand excluding the deals.

For the leading EGX-listed firms’ stocks, Orascom Construction Industries – OCI (OCIC.CA)’s remained with no change at EGP 246.19 ahead of its upcoming meeting 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..

Orascom Telecom Media And Technology Holding SAE (OTMT.CA)’s stock climbed by 2.63% to EGP 0.78.

EFG-Hermes’ stock fell by 1.17% to EGP 11.02.

Additionally , For the leading EGX-listed firms’ stocks, Orascom Telecom Holding (OTH) (ORTE)’s stock tumbled by 1.14 % to EGP 4.32.