Egyptian Stocks snap two-day Rally on Wednesday

Egypt’s stock market halted two-day gains, to incur losses on Wednesday worth 2.36 billion Egyptian pounds (US$309 million) on foreign selloffs.

Egypt bourse rallied for two successive days as investors show signs of relief with the Egyptian government’s decision on Monday to suspend the capital gains tax, which was set at 10 percent.

Indices

Egypt’s benchmark index, EGX30 dropped by 0.58 percent to 8826.45 points. EGX20 inched down by 0.81 percent to 9190.04 points.

In addition, the mid- and small-cap index EGX70 sagged by 0.38 percent to 471.85 points. The price index, EGX100 plummeted by 0.26 percent to 987.93 points.

The market capitalization has closed at 500.385 billion pounds during the closing session of Wednesday.

Turnovers humble again

On Wednesday, the bourse’s trading volume has hit 215.484 million securities, with turnovers closed at EGP 644.909 million, exchanged through 23.856 thousand transactions.

Also during the closing session, 173 listed securities have been traded in; 94 declined, 48 advanced; while 28 kept their previous levels.

Investors’ Activities

The non-Arab foreign and Arab investors were net sellers on Wednesday seizing 8.16% and 6.58% respectively of the total markets, with a net equity of EGP 27.308 million and EGP 6.015 million, respectively, excluding the deals.

On the contrary, local investors were net buyers acquiring 85.26% of the total market, with a net equity of EGP 33.323 million, excluding the deals.