Egypt Shares Remained in Red at Close amid Syrian Growing Concerns

Driven by Syrian concerns, Egypt’s stocks fell during the closing session of Wednesday to encounter losses totaled EGP 4.4 billion. The main index ended by 2.1% lower on Wednesday.

The Egyptian Exchange indices were wavering in dark red notes during the closing session of Wednesday.

Egypt’s benchmark index EGX30 sank by 2.09% to close at 5226.04 pts; while the EGX20 edged down by 2.02% to end at 6061.95 p. 
Meanwhile, the mid- and small-cap index, the EGX70 pushed down by 1.82% to conclude at 435.58 p. The price index EGX100 tumbled by 1.83% to finish at 737.9 p.

The capital market has closed at EGP 352.483 billion on Wednesday.

Traded Volumes & Trades
Through the closing session of Wednesday, the trading volume has reached 113.273 million securities. For the traded value, it hit EGP 308.627 million, exchanged through 17.956 thousand transactions.   

Also during the closing session, 176 listed securities have been traded in; 130 declined, 18 advanced; while 28 keeping their previous levels.

Investors’ Activity
The non-Arab foreigners’ selling pressures have driven EGX’s closing losses as they were net sellers seizing 10.38% of the total market, with a net equity of EGP 42.835 million, excluding the deals.

Meanwhile, Egyptians and Arabs were net buyers seizing 85.13% and 4.49% respectively, of the total market, with net equities of EGP 31.793 million and EGP 11.042 million, excluding the deals.

Syria: Potential Military Crackdown

The United States and its allies geared up for a probable military strike against Syria that could come within days and would be the most aggressive action by Western powers in the Middle Eastern nation’s two-and-a-half-year civil war.

Western envoys have told the Syrian opposition to expect a military response soon against President Bashar al-Assad’s forces as punishment for a chemical weapons attack last week, according to sources who attended a meeting with the rebel Syrian National Coalition in Istanbul.