EGX30 Hits 4050.7 Pts, CIB 3.25% Down On Runoff Results Delay

As results of Egypt’s presidential run-off’s delay, the Egyptian Exchange (EGX) had posted losses during mid-Thursday worth EGP 2.87 billion the capital market has reached EGP 303.986 billion according to data compiled by Amwal Al Ghad as of 10:48 GMT (12:48 pm local time).

The results of Egypt’s presidential run-off have been delayed by the election authorities, further raising tension across the polarized country.

They had been due to be announced on Thursday, but the election commission said it needed more time to look into complaints presented by the candidates; Mohamed Morsi and Ahmed Shafiq.

The main index, EGX30 dived 1.40% to hit 4050.7 p.  EGX20 sank 1.58% to reach 4564.58 p.

Meanwhile, the mid- and small-cap index, the EGX70 sagged 0.90% to hit 373.58 p. Price index EGX100 edged down 1.27% to reach 634.06 p.

Traded volume reached 23.671 million securities worth EGP 66.375 million, exchanged through 4.530  thousand transactions.

This was after trading in 127 listed securities; 99 declined and 13 advanced while 15 keeping their previous levels.

The main reason behind EGX30’s fall was that the non-Arab Foreigners were net sellers seizing 35.61% of the total markets, with a net equity of EGP 5.165 million excluding the deals

Egyptians and Arabs were net buyers seizing 59.83% and 4.57% respectively, of the total markets, with a net equity of EGP 3.920 million and EGP 1.244 million excluding the deals.

EGX’s leading shares witnessed collective downwards led by shares of Commercial International Bank- Egypt (CIB) (COMI.CA) which dived 3.25% to hit EGP 21.70. Shares owned by Shares of Orascom Telecom Holding (OTH) (ORTE.CA) inched lower 1.12% to hit EGP 2.65. Shares of EFG-Hermes Holding (HRHO.CA) went down 1.09% to reach EGP 9.09.

Additionally, shares owned by Orascom Construction Industries (OCIC.CA) sagged 0.88% to hit EGP 217.74. Shares of Orascom Telecom Media & Technology Holding (OTMT.CA) dipped 0.76% to reach EGP 1.30.

The Muslim Brotherhood’s Mohammed Morsi and former PM Ahmed Shafiq both claim they won last weekend’s vote.

Thousands of opposition supporters are protesting in Cairo’s Tahrir Square.

They have gathered to demonstrate against the delay in announcing the poll result and also against the Supreme Council of the Armed Forces (SCAF) – the military council that has led the country since President Hosni Mubarak was ousted last year.

The Muslim Brotherhood called people into the square to voice their outrage over recent constitutional amendments which gave the SCAF sweeping political and legislative powers

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