Egypt’s bourse trimmed early losses to end Sunday’s sessions lower with losses totalling 1.3 billion Egyptian pounds triggered by accelerated annual inflation data. In return, the country’s main stock index, EGX30 closed in red below 9120 points amid local and Arab investors’ sell-offs.
Egypt’s annual inflation accelerated to 10.6 percent in July from 8.2 percent a month earlier, due to the fuel and electricity price hikes since cutting gas subsidies last July, lifting prices by 30-75 percent, and sales taxes on alcohol and cigarettes rose during last month.
Meanwhile, the Egyptian Exchange’s indices were wavering in red notes during closing session of Sunday, except for the mid- and small-cap index, the EGX70 which solely rose.
Egypt’s benchmark index EGX30 ended 0.39 per cent lower to 9117.12 pts; while EGX20 finished 0.59 per cent down to 10934.39 pts.
In addition, the mid- and small-cap index, the EGX70 went up by 0.02 per cent to finish at 632.98 pts. The price index EGX100 fell by 0.07 per cent to conclude at 1124.64 pts.
Furthermore, the market capitalization recorded EGP 508.660 billion on Sunday.
Turnovers below EGP One billion
Through the closing session of Sunday, the trading volume has reached 124.699 million securities, with turnovers worth EGP 843.951 million, exchanged through 22.332 transactions.
Also during the closing session, 184 listed securities have been traded in; 94 declined, 56 advanced; while 30 kept their previous levels.
Local and Arab investors were net sellers on Sunday seizing 94.76% and 2.5% respectively of the total markets, with a net equity of EGP 14.019 million and EGP 13.714 million respectively, excluding the deals.
On the other hand, the non-Arab foreign investors were net buyers capturing 2.74% of the total market, with a net equity of EGP 27.733 million, excluding the deals.