Egypt Stock Market end week in Red after Sinai Terror Attacks

Stock market tumbled Thursday after Islamic-state affiliated militant group killed dozens of security personnel in Sinai a day earlier. The market incurred losses worth 1,2 billion Egyptian pounds (US$155,25 million) as local sellers weigh on.

Stocks resumed trading after a two-day public holiday to mark the second anniversary of president Mohamed Morsi’s ouster and the end of Egypt’s fiscal year.

More than 60 security personnel and six civilians were killed Wednesday by assailants using rockets and car bombs mostly in or around the town of Sheikh Zuwayid, according to the security directorate in north Sinai, which borders Israel and the Gaza Strip. The armed forces said 17 troops were killed, and it has regained control and killed at least 100 militants.

Indices

The benchmark index, EGX30 dropped 0.68 percent to 8314.72 points. EGX20 also fell 0.95 percent to 8462.58 points.

Meanwhile, the mid- and small-cap index EGX70 went down 0.55 percent to 442.26 points.

The price index, EGX100 plummeted 0.56 percent to 936.54 points.

The market capitalisation has recorded 483,980 billion pounds during the closing session of Thursday.

Turnovers

On Thursday, the bourse’s trading volume has reached 175,171 million securities, with turnovers closed at 1,732 billion pounds exchanged through 14,295 thousand transactions.

Also during the closing session, 172 listed securities have been traded in; 88 declined, 34 advanced; while 37 kept their previous levels.

Investors’ Activities

Local investors were net sellers Thursday seizing 86.95% of the total market, with a net equity of EGP 75,490 million, excluding the deals.

On the contrary, the non-Arab foreign and Arab investors were net buyers capturing 11.36% and 1.69% respectively of the total markets, with a net equity of EGP 68,525 million and EGP 6,965 million, respectively, excluding the deals.