Egypt’s stock market has ended this week with losses totaled at EGP 2.3 billion following the appointment of a new chairman and vice chairman.
Egypt’s benchmark index EGX30 tumbled by 1.24% to close at 4625.81 p; the EGX20, it also inched down by 1.23% to end at 5068.84 p.
Meanwhile, the mid- and small-cap index, the EGX70 went down by 0.16% to conclude at 354.53 p. The price index EGX100 also dipped by 0.63% to finish at 625.45 p.
Traded Volumes & Trades
Through the closing session of Thursday, the trading volume reached 83.477 million securities. For the traded value, it reached EGP 344.221 million, exchanged through 11.214 thousand transactions.
Also during the closing session of Thursday, 153 listed securities have been traded in; 54 declined, 71 advanced; while 28 keeping their previous levels.
Egyptians’ selling pressures have triggered EGX’s closing losses as they were net sellers seizing 48.71% of the total markets, with a net equity of EGP 31.473 million, excluding the deals.
Meanwhile, the non-Arab foreigners and Arabs were net buyers seizing 44.59% and 6.7% respectively, of the total markets, with a net equity of EGP 1.321 million and 30.151 million excluding the deals.
Egypt’s New Bourse Chief, Deputy
Egypt’s Prime Minister Dr. Hisham Kandil has issued a decree on Thursday naming the country’s new Egyptian Exchange (EGX) chairman and vice chairman.
Dr. Kandil has selected Mr. Atef Yassin El-Sherif as the new Egyptian Exchange (EGX) Chairman, in place of Dr. Mohamed Omran whose term shall expire next June 30th.
Additionally, Mr. Ashraf Kamal will succeed Judge Khaled El-Nashar as EGX’s Vice Chairman.
Mr. Atef El-Sherif has served as the vice chairman of the Legal Affairs Sector at the EGX. He has been also the former EGX chairman Maged Shawky’s aide (2005 -2010).
Meanwhile, Mr. Kamal has served the head of the Disclosure Management at the EGX.
‘Determined’ To Boost Market
In his first official statement, the newly-designated EGX Chairman Mr. Atef Yassin El-Sherif said he is determined to implement a comprehensive strategy to activate the stock market, both the levels of traded volumes, listed companies and new investors.
Mr. El-Sherif further noted that traders will be have the opportunity to participate in a transparent dialogue over the capital market mechanism.
Traders in Egypt will contribute to upgrading the market in addition to reaching solutions to its problems and challenges, he added.
Moreover, the top official indicated that EGX would not shut down on June 30, noting that the currently-applied precautionary steps are sufficient for the upcoming events.