Egyptian Stocks Sluggish at Early Trade, EGX30 below 8790

Egypt’s stocks kicked off trading lower on Thursday, incurring losses worth 1.6 billion Egyptian pounds driven by local investors’ early sell-offs.  Accordingly, the country’s main stock index, EGX30 traded below 8790 points at early trade.

The Egyptian Exchange (EGX)’s indices were wavering on red notes during the opening session of Thursday.

Indices

The Benchmark EGX30 slumped by 0.26% to 8788.69 p. In addition, EGX20 went down by 0.35% to 10073.79 p.

The mid- and small-cap index, the EGX70 also dropped by 0.22% to 593.99 p.  Price index EGX100 sagged by 0.14% to 1076.41 p.

Furthermore, market capitalization reached EGP 494.276 billion, according to data compiled by Amwal Al Ghad English at 11:19 a.m. Cairo time (09:19 GMT).

Trading Volumes & Values

The trading volume has reached 72.299 million securities worth EGP 195.999 million, exchanged through 7517 transactions during Thursday opening.

Also during the opening session, 127 listed securities have been traded in; 73 fell, 27 advanced; while 27 keeping their previous levels.

Investors’ Activities

Local investors were net sellers seizing at early trade 74.36% of the total market, with a net equity of EGP 18.056 million, excluding the deals.

On the other hand, the non-Arab foreign and Arab investors were net buyers attaining 16.56% and 9.09% respectively of the total markets, with a net equity of EGP 16.046 million and EGP 2.010 million, excluding the deals.