EGX go Bearish: Pope Shenouda III’s Loss

On the death of Pope Shenouda III – the patriarch of the Coptic Orthodox Church who led Egypt’s Christian minority for 40 years – the Egyptian Stock Exchange (EGX) posted losses of L.E 3.5 billion on Sunday’s morning trading. The capital Market reached L.E 371.742 billion.

The main index, EGX 30 went down 1.35% to reach 5099 p. The capped index, EGX20 dipped 1.37% to reach 5957.47 p.

Meanwhile, the mid- and small-cap index, the EGX70 decreased 0.69% to reach 482.20 p. Price index EGX100 downed 0.82% to reach 822.94 p.

Trades came to 336 transactions; worth L.E 2.875 million and volume amounted to 1.070 million shares.

This was after trading in 59 listed securities; 39 down and 11 up while 9 keeping their previous levels.

The Arab investors were net sellers seizing 2.23% of the total market, with a net equity of L.E 434 thousand, after excluding purchase deals.

Egyptians and Non- Arab foreign investors were net buyers controlling 90.67% and 7.1% respectively of the total market.

Pope Shenouda III died Saturday. He was 88. The state news agency MENA said Shenouda died Saturday after battling liver and lung problems for several years, and a doctor who treated him several years ago said he suffered from prostate cancer that had spread to his lungs. He died at his residence in the main Coptic Cathedral in Cairo, several figures close to the pope said.