EGX Indices Opened In Red, Benchmark Falls To 5219 Pts

The Egyptian Exchange (EGX) has opened Wednesday’s sessions incurring losses of EGP 340 million driven by early foreign selling pressures. The country is expecting a cabinet reshuffle soon.

Egyptian President Mohamed Morsi said on Saturday he planned to reshuffle his cabinet in a move that could help build political consensus around a $4.8 billion loan Cairo is seeking from the International Monetary Fund.

The capital market has amounted to EGP 357.263 billion, according to data compiled by Amwal Al Ghad English at 11:17 a.m. Cairo time (09:17 GMT) during Wednesday’s  opening session.

The EGX indices opened in red notes on Wednesday.

Benchmark EGX30 inched down by 0.32% to 5219.82 p; while EGX20 fell by 0.60% to 6026.58 p.

Meanwhile, the mid- and small-cap index, the EGX70 dropped by 0.32% to 447.59 p.  Price index EGX100 declined by 0.28% to 747.48 p.

During Wednesday’s  opening session, the trading volume has reached 6.929 million securities worth EGP 24.433 million, exchanged through 1.319 transactions.

This was after trading in 84 listed securities; 39 declined, 12 advanced; while 33 keeping their previous levels.

The non-Arab foreigners’ early selling pressures have driven EGX’s opening losses as they were net sellers seizing 20.72% of the total markets, with a net equity of EGP 4.420 million excluding the deals.

Meanwhile, Egyptians and Arabs were net buyers seizing 69.28% and 9.99% respectively, of the total markets, with a net equity of EGP 3.748 million and EGP 671.314 thousand, excluding the deals.