Egypt Stocks Plunge on Monday ahead of New Cabinet Formation

Egypt’s stocks turned its early gains into losses worth 5.5 billion Egyptian pounds at the end of Monday’s trading sessions driven by local investors’ selling pressures. In addition, the main stock index, EGX30 retreated further below 8525 points.

Egypt’s new government is expected to be announced and sworn in on Tuesday headed by the designate Prime Minister Ibrahim Mahlab. This comes after Egyptian president Abdel Fattah al-Sisi has asked Mahlab to form a new government.

Meanwhile, the EGX indices were wavering in red notes during the closing session of Monday.

Indices

Egypt’s benchmark index EGX30 ended 1.53 per cent lower to 8522.16 pts; while EGX20 finished 1.65 per cent down to 10316.61 pts.     
In addition, the mid- and small-cap index, the EGX70 pushed down by 1.34 per cent to end at 599.52 pts. The price index EGX100 sagged by 1.20 per cent to conclude at 1054.79 pts.  
Furthermore, the market capitalization recorded EGP 487.467 billion on Monday.

Turnovers above EGP 2 billion
Through the closing session of Monday, the trading volume has reached 274.809 million securities, with turnovers worth EGP 2.024 billion, exchanged through 32.907 thousand transactions.               
Also during the closing session, 192 listed securities have been traded in; 155 declined, 15 advanced; while 13 kept their previous levels.

Investors’ Activities

Egyptian investors were net sellers seizing on Monday 93.22% of the total market, with a net equity of EGP 24.331 million, excluding the deals.

On the contrary, Arab and the non-Arab foreign investors were net buyers capturing 2.33% and 4.45% respectively of the total markets, with a net equity of EGP 7.739 million and EGP 16.591 million respectively, excluding the deals.