Egypt Shares Lose EGP2 bln at Midday Trade on Foreign Sell-off

Egyptian stocks incurred losses worth 2 billion Egyptian pounds during midday trade on Monday driven by non-Arab foreign sell-offs. Accordingly, the main stock index – EGX30 also retreated below 7465 points.

The Egyptian Exchange indices were wavering on red notes during the midday session of Monday.

Egypt’s bourse management is holding today an emergency meeting with heads of brokerage firms and funds, to review reasons behind the recent massive decline in equities.

Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) said he will hold an emergency meeting with managers of brokerage firms and funds operating in the local exchange, both governmental and private, to look into the market conditions and reasons behind the recent steep decline in equities.

The top official invited fund managers to discuss reasons for the selling tendency of some funds over the recent period that drove stocks and indexes lower.

The Benchmark EGX30 inched down by 0.79% to 7464.6 p, and EGX20 fell by 0.84% to 8829.89 p.

Meanwhile, the mid- and small-cap index, the EGX70 plunged by 1.03% to 562.43 p.  Price index EGX100 decreased by 0.95% to 988.81 p.

Furthermore, market capitalization reached EGP 451.559 billion, according to data compiled by Amwal Al Ghad English at 12:44 p.m. Cairo time (10:44 GMT).

Trading Volumes & Values

The trading volume has recorded 129.477 million securities worth EGP 354.943 million, exchanged through 15.791 transactions during Monday midday.

Also during the midday session, 165 listed securities have been traded in; 105 fell, 37 advanced; while 23 keeping their previous levels.

Investors’ Activities

The non-Arab foreign investors were net sellers seizing 7.04% of the total market, with a net equity of EGP 65.421 million, excluding the deals.

On the other hand, Egyptian and Arab investors were net buyers capturing 90.85% and 2.11% respectively of the total markets, with a net equity of EGP 61.211 million and EGP 4.209 million respectively, excluding the deals.