Egypt Stocks Open New Week Lower amid Higher Fuel Prices

Following the government’s decision to put up fuel prices, Egypt’s stocks open a new week slightly lower with losses of 127 million Egyptian pounds. The main stock index, EGX30 retreated below 8245 points driven by Arab investors’ selling appetite at early trade on Sunday.

Meanwhile, the EGX indices were wavering in mixed notes during the opening session of Sunday.

EGX is operating with shortened trading hours during the Islamic fasting month of Ramadan.

The exchange is opened from 10:00 to 13:30 Cairo time during Ramadan.

Indices

The Benchmark EGX30 fell by 0.20% to 8242.28 p, and EGX20 went down by 0.22% to 9990.99 p.

In addition, the mid- and small-cap index, the EGX70 increased by 0.60% to 603.9 p.  Price index EGX100 also rose by 0.43% to 1054.85 p.

Furthermore, market capitalization reached EGP 481.766 billion, according to data compiled by Amwal Al Ghad English at 11:05 a.m. Cairo time (09:05 GMT).

Trading Volumes & Values

The trading volume has recorded 32.503 million securities worth EGP 79.911 million, exchanged through 3404 transactions during Sunday opening.

Also during the opening session, 100 listed securities have been traded in; 24 fell, 44 advanced; while 32 keeping their previous levels.

Investors’ Activities

Arab investors were net sellers at early trade on Sunday seizing 5.87% of the total market, with a net equity of EGP 1.809 million, excluding the deals.

On the other hand, Egyptian and the non-Arab foreign investors were net buyers capturing 91.75% and 2.37% respectively of the total markets, with a net equity of EGP 1.132 million and EGP 676.613 thousand, excluding the deals.