Egypt Stocks Opened in Full Alert, Main Gauge Dives Below 5590 pts

As Egyptian forces started to disperse the protest camps supporting the deposed president Mohamed Morsi, the stock market has opened lower on Wednesday incurring losses of EGP 3.7 billion. The benchmark sank below 5590 pts during the morning session.

The Egyptian Exchange’s indices were wavering in red notes during the opening session of Wednesday.

Benchmark EGX30 pushed down by 1.06% to 5585.59 p; while EGX20 fell by 1.09% to 6478.11 p.

On the other hand, the mid- and small-cap index, the EGX70 dived by 1.90% to 432.62 p.  Price index EGX100 inched down by 1.63% to 743.91 p.

The capital market has reached EGP 362.599 billion during the opening session of Wednesday, according to data compiled by Amwal Al Ghad English at 11:15 a.m. Cairo time (09:15 GMT).

Trading Volumes & Values

The trading volume has recorded 36.275 million securities worth EGP 68.809 million, exchanged through 3.716 thousand transactions during Wednesday opening.

Also during the opening session, 118 listed securities have been traded in; 98 declined, one solely rose; while 19 keeping their previous levels.

Investors’ Activity

The non-Arab foreign selling pressures triggered EGX’s early losses as they were net sellers seizing 10.61% of the total market, with a net equity of EGP 2.641, excluding the deals.

Meanwhile, Egyptians and Arab investors were net buyers seizing 82.95% and 6.44% respectively, of the total market, with net equities of EGP 79.120 thousand and EGP 2.562 million, excluding the deals.