Egypt incurs $1.1bn in stock market losses

Cairo stocks extended their downturn trend Wednesday incurring losses worth 8.5 billion Egyptian pounds (US$1.1 billion) driven by foreign broad selloff.

The market capitalisation has recorded 447.625 billion pounds during the closing session of Wednesday.

Indices

Egypt’s benchmark index, EGX30 sank 2.13 percent to 7240.77 points.

The newly-launched EGX50 EWI index pushed down 1.69 percent to 1291.5 points.

EGX20 also tumbled 1.75 percent to 7213.12 points.

In addition, the mid- and small-cap index EGX70 decreased 1.26 percent to 412.79 points. The price index, EGX100 went down 1.65 percent to 865.36 points.

Turnovers humble

On Wednesday, the bourse’s trading volume has reached 215.356 million securities, with turnovers closed at 943.081 million pounds, exchanged through 19,750 thousand transactions.

Also during the closing session, 171 listed securities have been traded in; 109 declined, 25 advanced; while 30 kept their previous levels.

Investors’ Activities

Arab and Foreign investors remained net sellers Wednesday controlling 3.94 percent and 10.75 percent, respectively of the total markets, with a net equity of 24.788 million and 70.100 million pounds, respectively, excluding the deals.

On the contrary, the Egyptian investors were net buyers capturing 85.31 percent of the total market, with a net equity of 94.888 million pounds, excluding the deals.