Egypt Stocks slump on Profit-taking move, EGX30 falls 0.78pct

Egypt’s stock market fell Monday to incur losses worth 2.5 billion Egyptian pounds (US$327.7 million) driven by foreign investors’ profit-taking move following a broad rally started last week amid putting on hold unpopular capital gains tax.

The market capitalization has hit 506.089 billion pounds during the closing session of Monday.

Indices

Egypt’s benchmark index, EGX30 dropped by 0.78 percent to 9050.76 points. Yet, the benchmark was well above technical support at 8860 points, its early May peak, which it surpassed this week.

EGX20 also fell by 0.53 percent to 9585.54 points.

In addition, the mid- and small-cap index EGX70 inched down by 0.77 percent to 484.27 points. The price index, EGX100 plummeted by 0.66 percent to 1008.96 points.

Turnovers near One billion pounds

On Monday, the bourse’s trading volume has hit 196.174 million securities, with turnovers closed at EGP 922.365 million, exchanged through 25.944 thousand transactions.

Also during the closing session, 173 listed securities have been traded in; 90 declined, 50 advanced; while 29 kept their previous levels.

Investors’ Activities

Arab and non-Arab foreign investors were net sellers on Monday seizing 4.57% and 4.79% respectively of the total markets, with a net equity of EGP 26.791 million and EGP 8.381 million, respectively, excluding the deals.

On the contrary, local investors remained net buyers capturing 90.64% of the total market, with a net equity of EGP 35.173 million, excluding the deals.