Egypt stocks extend correction over profit-taking

Egypt’s main index, EGX30 dropped Tuesday extending the correction which started at the end of last week. Investors booked profits after currency devaluation on March 14 that sparked a market rally.

EGX30 slipped 0.16 percent, to 7331.05 point.

Additionally, EGX50 EWI index went up 0.16 percent, to 1406.27 points; EGX20 also rose 0.06 percent, to 7689.75 points.

Mid- and small-cap index EGX70 surged 0.57 percent, to 365.09 points. Price index, EGX100 also increased 0.67 percent to 777.98 points.

Market Caps

Market capitalisation has incurred slight gains worth 300 million Egyptian pounds (around $33.8 million), reaching 400.612 billion pounds during the closing session of Tuesday.

Turnovers low

On Tuesday, the bourse’s trading volume hit 182.368 million securities, with turnovers closed at 490.921 million pounds, exchanged through 20,271 transactions.

Also during the closing session, 173 listed securities have been traded in 49 declined, 75 advanced; while 46 kept their previous levels.

Investors’ Activities

Local investors were net sellers capturing 84.79 percent of the total market, with a net equity of 49.195 million pounds, excluding the deals.

On the contrary, Arab and non-Arab investors were net buyers controlling 7.02 and 8.19 percent respectively of the total markets, with a net equity of 31.801 million pounds and 17.393 million pounds, respectively, excluding the deals.