Driven by the polarized political scene over the military decision to oust president Mohamed Morsi responding to the people’s demands, Egypt’s stock market has ended sessions on Sunday incurring losses of EGP 1.3 billion. Egypt’s benchmark solely falls on Sunday.
Egypt’s Muslim Brotherhood is calling for protests to denounce the military’s toppling of President Mohammed Morsi, while opponents of the ousted Islamist leader also are urging supporters to take to the streets for mass rallies on Sunday.
The calls for competing rallies have renewed fears of street violence, two days after clashes between the rival camps left at least 36 people dead and more than 1,000 wounded.
The prospect of calmer streets has sent shares up more than 12% in the last week. The rally can only last if the new regime acts swiftly to address the country’s twin deficits. Aid from the Gulf could help, but only serious reforms will win back foreign investors.
The Egyptian Exchange’s indices were wavering in green notes, except for the EGX 30 which solely dropped during the closing session of Sunday.
Egypt’s benchmark index EGX30 dropped by 0.43% to close at 5311.51 p; while the EGX20, it surged by 0.71% to end 6045.63 p.
Meanwhile, the mid- and small-cap index, the EGX70 went up by 0.50% to conclude at 424.73 p. The price index EGX100 also rose by 0.11% to finish at 729.72 p.
The capital market has closed at EGP 354.115 billion by Sunday afternoon.
Local and the non-Arab foreigners investors were net sellers seizing 80% and 9.23% respectively, of the total markets, with a net equity of EGP 4.174 million and EGP 22.246 million, excluding the deals.
Meanwhile, Arabs were net buyers seizing 10.77% of the total markets, with a net equity of EGP 26.421 million excluding the deals.
Traded Volumes & Trades
Through the closing session of Sunday, the trading volume of 204.555 million securities. For the traded value, it reached EGP 534.868 million, exchanged through 29.026 thousand transactions.
Also during the closing session, 171 listed securities have been traded in; 55 declined, 94 advanced; while 22 keeping their previous levels.