Egypt main index EGX 30 slips but broader market firm
Egypt’s stock market pulled back on Tuesday but foreign buyers continued to hunt for bargain buys, lifting the broader index.
Stocks eased though, ending a four-session winning streak, however, the outlook remains positive with foreign funds still buying shares after the government floated its currency.
Main index, EGX30 slumped 0.20 percent, to 11519.8 points, ending a four-day winning streak yet it is still holding near an eight-year high. The index has gained 35 percent since the Egyptian pound was floated on November 3rd and trading volumes remained very heavy.
Other indices; EGX50 EWI index rose 0.19 percent, to 1808.19 points; EGX20 grew 0.34 percent, to 11359 points.
Mid- and small-cap index EGX70 added 1.30 percent, to 438.4 points. Price index, EGX100 edged 1.06 percent higher, to 1044.99 points.
Abu Dhabi Islamic Egypt CEO dies, shares fall 1.94%
Shares of Abu Dhabi Islamic Egypt (ADIB.CA) retreated 1.94, to close at 5.06 pounds following the bank’s announcement that its chief executive Nevine Lotfy was found dead early Tuesday, a suspected homicide, amid ongoing investigation.
Egypt’s stock exchange had halted during midday the trading in shares of Abu Dhabi Islamic Egypt for 10 minutes after the announcement of Lotfy’s death.
Market Cap
Market capitalisation posted gains worth 3.7 billion Egyptian pounds (around $210.8 million), to record 561.634 billion pounds during the closing session of Tuesday.
Turnovers
The bourse’s trading volume 664.416 million securities, with turnovers, closing at 2.338 billion pounds, exchanged through 50,784 transactions.
Also during the closing session, 194 listed securities have been traded in, 90 declined, 78 advanced; while 21 kept their previous levels.
Investors’ Activities
Non-Arab foreign investors were net buyers capturing 12.32 percent of the total market, with a net equity of 76.921 million pounds, excluding the deals.
On the contrary, local and Arab investors were net sellers controlling 81.19and 6.49 percent respectively of the total markets, with a net equity of 10.322 million pounds and 66.599 million pounds, respectively, excluding the deals.
