Egyptian stocks tumble 0.3% on local sell-off

Egypt’s bourse gave up early small gains on Tuesday, as main index slid 0.32 percent, to 7621.91 points on local investors’ sell-off.

Orascom Telecom (OTMT.CA), a stock favoured by local investors, dropped 4.0 percent.

Other indices; EGX50 EWI index lost 0.70 percent, to 1411.54 points; EGX20 also pushed down 1.49 percent, to 7582.81 points.

Mid- and small-cap index EGX70 tumbled 0.33 percent, to 369.09 points. Price index, EGX100 inched lower 0.29 percent to 781.42 points.

Market Caps

Market capitalisation has recorded losses worth 1.6 billion Egyptian pounds (around $180.1 million), to record 407.989 billion pounds during the closing session of Tuesday.

Turnovers bloom

On the other hand, the bourse’s trading volume hit 165.502 million securities, with significantly higher turnovers, closing at 1.500 billion pounds, exchanged through 20.751 transactions.

Also during the closing session, 180 listed securities have been traded in 90 declined, 45 advanced; while 38 kept their previous levels.

Investors’ Activities

Local investors were net sellers capturing 92.79 percent of the total market, with a net equity of 54.304 million pounds, excluding the deals.

On the contrary, Arab and non-Arab foreign investors were net buyers controlling 2.52 and 4.69 percent respectively of the total markets, with a net equity of 34.570 million pounds and 19.734 million pounds, respectively, excluding the deals.