Egypt Shares end week Mixed ahead of High-profile Economic Summit

Ahead of Sharm El-Sheikh landmark economic summit, Egypt’s stock market shares closed this week in mixed notes. The market capitalisation incurred losses worth 1.3 billion Egyptian pounds (US$170.3 million) amid cautious local and Arab investors’ sell-offs.

Egypt braces one of its biggest economic events tomorrow in Sharm El-Sheikh, aiming to lure foreign business and restore investors’ confidence in the country. the event will take place on two days, March 12-13 in Sharm El-Sheikh.

The country’s main stock index, EGX30 surged above 9640 points during the closing session of Thursday.

Indices:

The benchmark index, EGX30 went up by 0.67 percent to close at 9640.77 points. EGX20 rose by 0.18 percent to 10532.15 points.

In addition, the mid- and small-cap index EGX70 tumbled by 0.11 percent to 556.3 points. The price index, EGX100 fell by 0.02 percent to 1120.18 points.

Turnovers climb
On Thursday, the trading volume has reached 96.589 million securities, with turnovers closed at EGP 1.549 billion, exchanged through 19.100 thousand transactions.

Also during the closing session, 183 listed securities have been traded in; 83 declined, 51 advanced; while 41 kept their previous levels.

Furthermore, the market capitalization recorded EGP 523.270 billion on Thursday.

Investors’ Activities

The non-Arab foreign investors were net buyers on Thursday capturing 7.29% of the total market, with a net equity of EGP 102.487 million, excluding the deals.

On the other hand, local and Arab investors were net sellers seizing 85.73% and 6.98% respectively of the total markets, with a net equity of EGP 19.485 million and EGP 83.002 million, respectively, excluding the deals.