Egyptian Stocks turn red, yet Market Cap gains $1bn on Orascom Offering

Egypt’s stock market shares ended Wednesday in negative red notes amid foreign sell-offs. Yet, the bourse’s market capitalisation has gained around 7.8 billion Egyptian pounds (US$1 billion).

Indices:

The benchmark index, EGX30 edged lower by 1.37 percent to close at 9576.46 points. EGX20 sank by 2.04 percent to 10513.3 points.

In addition, the mid- and small-cap index EGX70 plummeted by 1.16% to 556.89 points. The price index, EGX100 sagged by 1.05% to 1120.39 points.

Orascom Construction has started trading on the EGX today, as the first foreign company to be dual listed on Egypt’s equity market in almost twenty years.

Turnovers drop
On Wednesday, the trading volume has reached 101.743 million securities, with turnovers closed at EGP 638.094 million, exchanged through 20.802 thousand transactions.

Also during the closing session, 178 listed securities have been traded in; 116 declined, 24 advanced; while 37 kept their previous levels.

Furthermore, the market capitalization recorded EGP 524.588 billion on Wednesday.

Investors’ Activities

Local investors were net buyers on Wednesday capturing 76.76% of the total market, with a net equity of EGP 10.281 million, excluding the deals.

On the other hand, the non-Arab foreign and Arab investors were net sellers seizing 18.31% and 4.93% respectively of the total markets, with a net equity of EGP 313.608 thousand and EGP 9.967 million, respectively, excluding the deals.