Egypt’s benchmark ends week 0.7% up, market cap losses $5bn

Egypt’s main index gained 0.70 percent, to 7548.22 points Thursday, in response to a cabinet reshuffle that appeared to focus on improving economic performance.

Additionally, EGX50 EWI index rose 1.93 percent, to 1402.55 points; while EGX20 inched up 2.05 percent, to 7920 points.

Mid- and small-cap index EGX70 went up 0.50 percent, to 367.03 points. Price index, EGX100 also increased 0.32 percent to 792.24 points.

Market Caps

Market capitalisation has incurred heavy losses worth 43 billion Egyptian pounds (around $5 billion), reaching 405.942 billion pounds during the closing session of Thursday. The losses were in the wake of officially delisting of Orascom Construction Industries from the Egyptian Exchange (EGX).

A total of 208.93-million shares were delisted from Cairo bourse, a decision was taken because of a decline in trading the stock to 0.0598 percent.

Turnovers rose

On Thursday, the bourse’s trading volume hit 443.997 million securities, with turnovers closed at 1.156 billion pounds, exchanged through 39,677 transactions.

Also during the closing session, 180 listed securities have been traded in 43 declined, 176 advanced; while 23 kept their previous levels.

Investors’ Activities

Arab and non-Arab investors were net buyers Thursday controlling 9.26 and 5.83 percent respectively of the total markets, with a net equity of 13.431 million pounds and 7.263 million pounds, respectively, excluding the deals.

On the contrary, local investors were net sellers capturing 84.92 percent of the total market, with a net equity of 20.695 million pounds, excluding the deals