Egyptian Shares Lose EGP1.3 billion at Open amid Foreign Sell-offs

Big 5

Egypt’s stocks opened lower on Wednesday incurring losses amounting to 1.3 billion driven by foreign profit-taking. In return, the main stock index, EGX30 tumbled at early trade below 8610 points.

Meanwhile, the Egyptian Exchange (EGX)’s indices were wavering in red notes during the opening session of Wednesday.

The Benchmark EGX30 inched down by 0.57% to 8608.96 p, and EGX20 decreased by 0.51% to 10342.28 p.

On the contrary, the mid- and small-cap index, the EGX70 dropped by 0.22% to 623.01 p.  Price index EGX100 fell by 0.33% to 1085.49 p.

Furthermore, market capitalization reached EGP 494.147 billion, according to data compiled by Amwal Al Ghad English at 11:28 a.m. Cairo time (08:28 GMT as Egypt turned to Daylight saving time).

Trading Volumes & Values

The trading volume has recorded 37.140 million securities worth EGP 112.724 million, exchanged through 4102 transactions during Wednesday opening.

Also during the opening session, 114 listed securities have been traded in; 69 fell, 13 advanced; while 32 keeping their previous levels.

Investors’ Activities

The non-Arab foreign and Arab investors were net sellers at opening trade on Wednesday seizing 0.59% and 1.24% respectively of the total markets, with a net equity of EGP 509.864 thousand and EGP 2.930 million respectively, excluding the deals.

On the other hand, Egyptian investors were net buyers capturing 98.17% of the total market, with a net equity of EGP 3.440 million, excluding the deals.