EGX 30 Plummets 0.53% As OCI, Hermes Files Still Muddling On

During midday session, the Egyptian Exchange (EGX) has incurred losses of EGP 1.2 billion driven by foreign selling pressures.

The market is in full alert apprehension awaiting to a number of official announcements about; the completion of the long-standing Hermes-QInvest deal besides reaching a final settlement agreement to end the 9-month tax disputes between Orascom Construction Industries (OCIC.CA) and tax authorities over EGP 14 billion evasion claims.

The capital market has amounted to EGP 355.037 billion, according to data compiled by Amwal Al Ghad English at 12:50 p.m. Cairo time (10:50 GMT) during Monday’s midday session.

The EGX indices opened in green notes on Monday’s midday opening.

Benchmark EGX30 inched down by 0.53% to 5204.14 p; while EGX20 fell by 0.66% to 6010.51 p.

Meanwhile, the mid- and small-cap index, the EGX70 dropped by 0.08% to 449.47 p.  Price index EGX100 edged down by 0.20% to 747.87 p.

During Monday’s midday session, the trading volume has reached 17.865 million securities worth EGP 92.883 million, exchanged through 4.237 transactions.

This was after trading in 140 listed securities; 77 declined, 29 advanced; while 34 keeping their previous levels.

The non-Arab foreigners’ and Arabs’ selling pressures have driven EGX’s midday losses as they were net sellers seizing 19.17% and 2.3% respectively, of the total markets, with a net equity of EGP 12.820 million and EGP 5.384 million, excluding the deals.

Meanwhile, Egyptians were net buyers seizing 78.53% of the total markets, with a net equity of EGP 18.204 million excluding the deals.