Egypt stocks snap four-session winning streak on Saudi Aramco news

Egypt’s stock market, which had risen strongly for four straight days on signs the country is nearing the completion of its $12 billion loan deal with the International Monetary Fund, ended lower Monday.

Main index, EGX30 fell 0.86 percent, to 8364 points.

In a sign that Saudi Arabia may be becoming less willing to support Egypt financially as its own finances are weakened by low oil prices, an Egyptian official told Reuters that the Saudis had informed the state-run Egyptian General Petroleum Corporation in early October that it would halt the supply of refined oil products to Egypt.

Other indices; EGX50 EWI index pushed down 1.84 percent, to 1328.37 points; EGX20 dropped 1.82 percent, to 8221.81 points.

Mid- and small-cap index EGX70 plummeted 1.51 percent, to 347.13 points. Price index, EGX100 went down 0.94 percent, to 798.43 points.

Market Cap

Market capitalisation incurred losses worth 3.4 billion Egyptian pounds ($383 million), to record 415.998 billion pounds during the closing session of Monday.

Turnovers remain modest

The bourse’s trading volume reached 204.007 million securities, with turnovers, closing at 695.490 million pounds, exchanged through 21,056 transactions.

Also during the closing session, 168 listed securities have been traded in, 113 declined, 30 advanced; while 24 kept their previous levels.

Investors’ Activities

Egyptian and non-Arab foreign investors were net sellers controlling 71.64 and 19.87 percent respectively of the total markets, with a net equity of 11.789 million pounds and 11.299 million pounds, respectively, excluding the deals.

On the contrary, Arab investors were net buyers capturing 8.49 percent of the total market, with a net equity of 23.089 million pounds, excluding the deals.