EGX 30 Dives 2.20% Amid Assiut Train-Bus Crash, Constitution Dilemma

During Sunday opening session, the Egyptian Exchange (EGX) has extended posted losses of EGP 6.4 billion as the capital market has amounted to EGP 381.315 million , according to data compiled by Amwal Al Ghad at 11:15 a.m. Cairo time (09:15 GMT).

The Egyptian Exchange administration has decided on Sunday to hold a moment of silence for the children killed in Assiut train.  About 51 young children were killed on Saturday when a train collided with their bus on a railway crossing in Manfalut, 356 kilometres (220 miles) south of Cairo.
The EGX has delayed its trading session of Sunday for a minute as it started at 10:31a.m. amid high expectations of witnessing downwards due to the current political scene including the Egyptian church and Wafd Party’s withdrawal from the constituent assembly to draft the country’s new constitution.

The EGX indices opened in dark red.

The main index, EGX30 dived by 2.20% to 5538.06 p.  EGX20 pushed down by 2.22% to 6353.17 p.

Meanwhile, the mid- and small-cap index, the EGX70 sank by 2.04% to 505.91 pts.  Price index EGX100 fell by 2.05% to 838.85 p.

Traded volume reached 30.474 million securities worth EGP 52.239 million, exchanged 3.648 thousand transactions.

This was after trading in 130 listed securities; 100 declined 2 advanced while 28 keeping their previous levels.

EGX’s closing losses were driven by Arabs and non-Arab Foreigners’ selling pressures.

Arabs and non-Arab Foreigners were net sellers seizing 1.92% and 3.49% respectively, of the total markets, with a net equity of EGP 779.748 thousand and EGP 1.428 million excluding the deals.

On the other hand, Egyptians were net buyers seizing 94.59% of the total markets, with a net equity of EGP 2.207 million excluding the deals.