EGX Early Losses Hit EGP 3.7 Bln, CIB Shares 5.82% Down; Declaration Repercussions

Amid the ruling military council’s controversial Sunday declaration, the Egyptian Exchange (EGX) had on early Tuesday posted losses of EGP 3.7 billion  as the capital market has reached EGP 310.647 billion according to data compiled by Amwal Al Ghad at 9:05 GMT (11:05 local time).

The main index, EGX30 dived 2.31% to hit 4169.42 p.  EGX20 sank 2.80% to reach 4687.04 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched lower 0.85% to hit 383.28 p. Price index EGX100 went down 1.59% to reach 653.15 p.

Traded volume reached 6.357 million securities worth EGP 18.597 million, exchanged through 1.669 thousand transactions.

This was after trading in 82 listed securities; 74 declined and 4 advanced while 4 keeping their previous levels.

The main reason behind EGX’s morning downwards is that the Egyptians and  non-Arab Foreigners were net sellers seizing 63.86% and 31.92% respectively, of the total markets, with a net equity of EGP 77.494 thousand and EGP 36.403 thousand excluding the deals.

On the other hand, Arabs were net buyers seizing 4.22% of the total markets, with a net equity of EGP 113.897 thousand excluding the deals.

EGX’s leading shares witnessed collective downwards led by the shares owned by Commercial International Bank- Egypt (CIB) (COMI.CA) which sagged 5.82% to hit EGP 21.99. Shares of Orascom Telecom Holding (OTH) (ORTE.CA) dived 3.97% to hit EGP 2.66.

Additionally, shares of Shares of EFG-Hermes Holding (HRHO.CA) had poised for the lowest close since July 2005 by going down 3.12% to reach EGP 9.32. shares of Shares of Orascom Telecom Media & Technology Holding (OTMT.CA) dipped 3.08% to reach EGP 1.26. Shares owned by Orascom Construction Industries (OCIC.CA) have set for the steepest drop since October by edging down 3.06% to hit EGP 224.01.