EGX’s Losses Tripled on Constitution Committee Repercussion

EGX went on posting losses to eventually reach L.E 6 billion during Sunday’s midday trading, as the capital market reached L.E 366.620 billion.

The main index, EGX 30 slumped 2.15% to reach 5034.60 p. EGX20 dropped 2.46% to reach 5842.97 p.

Meanwhile, the mid- and small-cap index, the EGX70 fell 2.19% to reach 467.29 p. Price index EGX100 fell 1.91% to close at 805.78 p.

The market has recorded values of L.E 133.451 million; while the volume traded reached 48.296 million securities executed over 9.925 thousand transactions.

This was after trading in 161 listed securities; 146 down and 8 up while 7 keeping their previous levels.

Arab investors were net sellers seizing 14.1% of the total market, with a net equity of L.E 8.353 million, after excluding deals; while foreigners were net buyers seizing 7.85% of the total market, with a net equity of L.E 5.335 million, after excluding deals. Egyptians were also net buyers seizing 78.05% of the total market, with a net equity of L.E 3 million, after excluding deals.

The leading shares have recorded collective decline led by EFG-Hermes Holding (HRHO) by recording a slump of 5.05% to reach L.E 12.97. Orascom Telecom Holding (OTH) (ORTE) has come next by recording a down of 3.03% to reach L.E 4.16. Orascom Telecom Media & Technology Holding (OTMT) recorded a dip of 2.08% to reach L.E 1.41. Commercial International Bank- Egypt (COMI) recorded a decrease of 2.06% to reach L.E 25.16. Shares owned by Orascom Construction Industries (OCIC) fell 1.89% to reach L.E 257.72.

The EGX incurred a loss of L.E 2.2 billion during the early trading as the capital market reached L.E 370.285.

Egypt’s liberal MPs have walked out in protest from a parliamentary vote to select members of a panel which will draft a new constitution. The liberal bloc accused Islamist parties – the majority in parliament – of trying to monopolize the process. MPs will hold 50 of the 100 seats on the panel to draw up a new constitution following the revolution which ousted President Hosni Mubarak last year.

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