EGX 30 Opens Further Below 5300 Pts, OCI Falls 2.06%

The Egyptian Exchange has opened Thursday’s session incurring losses of around EGP 568 million driven by non-Arab foreign sellers.

The capital market has amounted to EGP 365.150 billion, according to data compiled by Amwal Al Ghad English at 11:00 a.m. Cairo time (09:00 GMT) during Thursday’s opening session.

The EGX indices opened in red notes.

Benchmark EGX30 fell by 0.41% to 5295.99 p; while EGX20 dropped by 0.37% to 6263.1 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched down by 0.10 % to 456.18 p.  Price index EGX100 dipped by 0.17% to 764.35 p.

This was after trading in 74 listed securities; 27 declined, 19 advanced; while 28 keeping their previous levels.

During Thursday’s opening session, the trading volume has reached 5.876 million securities worth EGP 27.256 million, exchanged 1.224 transactions.

EGX opening losses were driven by the non-Arab foreign net sellers seizing 44.43% of the total markets, with a net equity of EGP 2.558 million excluding the deals.

Meanwhile,  Egyptians and Arabs were net buyers seizing 50.49% and 5.08% respectively, of the total markets, with a net equity of EGP 1.232 million and EGP 1.325 million excluding the deals.

For the leading EGX-listed firms’ stocks, Orascom Construction Industries – OCI (OCIC.CA)’s dived by 2.06% to EGP 235.00. 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. OCI and ETA agreed to resume their negotiations next Sunday, March 17th.

Orascom Telecom Holding (OTH) (ORTE)’s stock tumbled by 1.86 % to EGP 4.21.

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

Additionally, EFG-Hermes’ stock went down by 0.09% to EGP 10.95.