Egypt’s Benchmark Drops Below 5220 On NGOs Court Rule

Egypt’s bourse encountered heavy losses of EGP 4.4 billion driven by the local selling pressures during the midday session of Tuesday amid the court’s ruling to sentence at least 15 US citizens in absentia to five years in jail and forced the closure of foreign NGOs.

The Egyptian Exchange’s indices were in dark red notes on Tuesday noon.

Benchmark EGX30 pushed down by 1.64% to 5218.42 p. EGX20 also sank by 2.33% to 5869.17 p.

On the other hand, the mid- and small-cap index, the EGX70 dived by 2.14% to 425.15 p.  Price index EGX100 dropped by 1.43% to 722.56 p.

The capital market has amounted to EGP 351.673 billion, according to data compiled by Amwal Al Ghad English at 13:26 p.m. Cairo time (11:26 GMT) during the midday  session of Tuesday.

Trading Volumes & Values:

The trading volume has recorded 50.762 million securities worth EGP 175.317 million, exchanged through 9882 transactions during Tuesday’s midday.

Also during the midday session, 154 listed securities have been traded in; 120 declined, 10 advanced; while 24 steadied.

Investors’ Activities:

Local selling pressures have driven EGX’s midday losses as they were net sellers 76.79% of the total markets, with a net equity of EGP 18.136 million excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs’ were net buyers seizing 15.24% and 7.97% respectively, of the total markets, with a net equity of EGP 8.991 million and EGP 9.145 million, excluding the deals.