Egypt Shares Open Lower, Lose EGP1.8 bln As War against Syria Looms

Driven by the news of a potential military intervention against Syria, Egypt’s stocks opened lower on Tuesday incurring losses of EGP 1.8 billion. The benchmark fell below 5400 pts on early Tuesday.

The Egyptian Exchange’s indices were wavering in red notes during the opening session of Tuesday.

Benchmark EGX30 inched down by 0.99% to 5395.01 p; while EGX20 sagged by 1.01% to 6266.52 p.

On the other hand, the mid- and small-cap index, the EGX70 edged lower by 0.54% to 451.66 p.  Price index EGX100 dropped by 0.54% to 763.75 p.

The capital market has reached EGP 360.463 billion during the opening session of Tuesday, according to data compiled by Amwal Al Ghad English at 10:56 a.m. Cairo time (08:56 GMT).

Trading Volumes & Values

The trading volume has recorded 23.475 million securities worth EGP 33.835 million, exchanged through 1.909 transactions during Tuesday opening.

Also during the opening session, 100 listed securities have been traded in; 74 fell, 7 advanced; while 19 keeping their previous levels.

Investors’ Activity

Egyptians were net buyers seizing 93.03% of the total market, with a net equity of EGP 3.784 million, excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 2.27% and 4.7% respectively, of the total market, with net equities of EGP 1.038 million and EGP 2.746 million, excluding the deals.