Egypt Bourse Benchmark Ends Week At 5404 Pts

The Egyptian Exchange (EGX) has ended this week paring its opening gains to EGP 512 million driven by the S&P’s recent downgrading of the country’s sovereign credit rating to ‘C’ from ‘B’ with a stable outlook.

The capital market has reached to EGP 364.211 billion during the closing session of Thursday.

The EGX indices ended this week green notes, except for the EGX 20.

Egypt’s benchmark index EGX30 rose by 0.01% to close at 5404.29 p; while the EGX20, it fell by 0.08% to end at 6203.7 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched up by 0.11% to conclude at 456.01 p.  Price index EGX100 advanced by 0.09% to finish 763.71 p.

During Thursday’s closing, the trading volume hit 53.338 million securities, less than Wednesday’s session of 65.551 million securities, representing a decline of 12.213 thousand securities. For the traded value, it reached EGP 250.531 million, exchanged through 15.033 thousand transactions.

During the closing session of Thursday, 172 listed securities have been traded in; 59 declined, 80 advanced; while 33 keeping their previous levels.

The non-Arab foreigners’ buying transactions have backed EGX’s gains as they were net buyers seizing 16.63% of the total markets, with a net equity of EGP 14.695 million, excluding the deals.

Meanwhile, Egyptians and Arabs were net sellers seizing 74.91% and 8.46% respectively, of the total markets, with a net equity of EGP 5.469 thousand and EGP 14.689 million excluding the deals.

S&P Cuts Egypt’s Sovereign Credit Rating To ‘C’

Standard & Poor’s said on Thursday it lowered Egypt’s sovereign credit rating to ‘C’ from ‘B’ with a stable outlook.

The agency reduced Egypt’s foreign and domestic long-term rating to ‘CCC+’ and foreign and local short-term rating to ‘C’.

In December it cut the long-term rating to ‘B-‘ from ‘B’, saying another cut was possible if political turbulence worsened and undermined the country’s ability to make hard choices on public finance.