Egypt stocks plunge to lowest level in 18 months

Egypt’s stock market edged lower Tuesday with losses worth 12.4 billion Egyptian pounds (US$ 1.58billion) on foreign selling pressures.

The market capitalisation has reached 456.132 billion pounds during the closing session of Tuesday.

Indices

Egypt’s benchmark index, EGX30 plunged 2.58 percent to 7398.43 points, marking lowest level in 18 months.

The newly-launched EGX50 EWI index dropped 2.56 percent to 1313.73 points.

EGX20 shrunk by 2.68 percent to 7341.78 points.

In addition, the mid- and small-cap index EGX70 sagged by 2.44 percent to 418.06 points. The price index, EGX100 edged down by 1.73 percent to 879.89 points.

Turnovers low

On Tuesday, the bourse’s trading volume has hit 193.171 million securities, with turnovers closed at EGP 721.834 million, exchanged through 22,599 thousand transactions.

Also during the closing session, 178 listed securities have been traded in; 124 declined, 17 advanced; while 31 kept their previous levels.

Investors’ Activities

Arab and Foreign investors were net sellers on Tuesday getting 6.27% and 14.81% respectively of the total markets, with a net equity of EGP 18.478 million and EGP 4.073 million, respectively, excluding the deals.

On the contrary, the Egyptian investors were net sellers seizing 78.92% of the total market, with a net equity of EGP 22.551 million, excluding the deals.