Egypt Stocks lose $1.3 billion amid Lower Oil Prices

Egypt’s stock market shares dived on Tuesday by 9.4 billion Egyptian pounds (US$1.3 billion) as low oil prices dragged down regional economies.

The country’s main stock index, EGX30 edged lower by 2.35 percent to 8798.94 points. Meanwhile, the mid- and small-cap index, EGX70 and price index, EGX100 both closed in strong negative note, down 1.73 per cent and 1.21 percent, to close at 563.3 and 1095.09 points, respectively.

Gulf markets down as oil hits fresh low

Gulf stock markets extended their declines in broad sell-offs on Monday as the price of Brent crude oil fell below $55 per barrel for the first time since 2009.

Brent futures tumbled more than 3 percent as data showed that Russian oil output and Iraq’s oil exports had hit their highest levels in decades.

Humble Turnovers
Through the closing session of Tuesday, the trading volume has reached 149.246 million securities, with turnovers worth EGP 512.547 million, exchanged through 25.064 thousand transactions.                   
Also during the closing session, 177 listed securities have been traded in; 140 declined, 25 advanced; while 12 kept their previous levels.
Furthermore, the market capitalization recorded EGP 493.693 billion on Tuesday.

Investors’ Activities

Arab investors were net sellers on Tuesday seizing 18.81% of the total market, with a net equity of EGP 16.246 million, excluding the deals.

On the other hand, local and non-Arab foreign investors were net buyers capturing 77.52% and 17.69% respectively of the total markets, with a net equity of EGP 7.987 million and EGP 8.259 million, respectively, excluding the deals.