Egyptian Exchange Early Losses Hit EGP 4 Bln Ahead of Controversial Run-off
On Tuesday’s early trading, the EGX posted losses of EGP 4.1 billion as the capital market has amounted to EGP 336.861 billion at 9:17 GMT (11:17 in Cairo).
The main index, EGX30 dived 1.77% to hit 4654.17 p. EGX20 tumbled 1.41% to reach 5349.46 p.
Meanwhile, the mid- and small-cap index, the EGX70 edged down 1.09% to reach 410.13 p. Price index EGX100 went down 1.30% to hit 741.16 p.
Traded volume reached 11.342 million securities worth EGP 38.382 million, exchanged through 2.539 thousand transactions.
This was after trading in 109 listed securities; 92 declined and 5 advanced while 12 keeping their previous levels.
Non-Arab Foreigners and Arabs were net sellers seizing 24.27% and 9.3% respectively, of the total markets, with a net equity of EGP 2.582 million and EGP 2.209 million, excluding the deals.
On the other hand, Egyptians were net buyers seizing 66.43% of the total markets, with a net equity of EGP 4.792 million excluding the deals.
EGX’s leading shares witnessed collective downwards except for the shares owned by EFG-Hermes Holding (HRHO.CA) which went up 0.19% hitting EGP 10.50.
EGX’s downwards had been led by Orascom Construction Industries (OCIC.CA) which sank 3.00% reaching EGP 257.99. Orascom Telecom Media & Technology Holding (OTMT.CA) edged down 1.52% reaching EGP 1.30. Commercial International Bank- Egypt (COMI.CA) went down 1.30% reaching EGP 24.25. Orascom Telecom Holding (OTH) (ORTE.CA) also tumbled 1.28% hitting EGP 3.08.
Demonstrators furious that Hosni Mubarak’s last prime minister made it into the run-off for Egypt’s presidential election set ablaze his campaign headquarters on Monday, witnesses said, underscoring the divisive outcome of the country’s historic vote.
Former air force commander Ahmed Shafiq, who has described Mubarak as a role model, will face the Muslim Brotherhood’s Mohamed Mursi in the run-off. It is a contest between the two most polarizing and controversial figures in the race.
A group of protesters broke into and vandalized Shafiq’s office in the residential district of Dokki before setting it ablaze, the state news agency reported. An official in the fire service confirmed the blaze had been extinguished without causing any casualties.
Several thousand protesters took to the streets across Egypt to demonstrate against the result of the election’s first round, which was officially announced on Monday.
