Egypt’s Main Gauge Dives 1.57% Amid NGOs Court Rule – Closing

Egypt bourse has ended sessions on Tuesday incurring heavy losses of around EGP 5 billion driven by the court’s ruling which convicted 43 NGO employees.

Accordingly, the Egyptian Exchange’s indices closed on dark red notes by Tuesday afternoon.

Egypt’s benchmark index EGX30 sank by 1.57% to close at 5222.27 p; while the EGX20, it sank by 2.34% to end at 5868.62 p.

Meanwhile, the mid- and small-cap index, the EGX70 shed by 2.37% to conclude at 424.13 p.  The price index EGX100 also pushed down by 1.59% to finish at 721.41 p.

The capital market has closed at EGP 351.152 billion on Tuesday.

Traded Volumes & Trades:

During the closing session of Tuesday, the trading volume reached 71.960 million securities. For the traded value, it reached EGP 267.416 million, exchanged through 14.798 thousand transactions.

During the closing session of Tuesday, 171 listed securities have been traded in; 136 declined, 12 advanced; while 23 keeping their previous levels.

Investors’ Activity:

Egyptians’ selling pressures have driven EGX’s closing losses as they were net sellers seizing  71.12% of the total markets, with a net equity of EGP 32.095 million, excluding the deals.

Meanwhile, the non-Arab foreigners and the Arabs’ were net buyers seizing 20.48% and 8.4% respectively, of the total markets, with a net equity of EGP 19.509 million and 12.585 million excluding the deals.

Foreign NGOs Must Close In Egypt, Court Rules

A court in Cairo has convicted 43 Egyptian and foreign employees of non-governmental (NGO) organizations for working illegally in Egypt.

The court sentenced the defendants – most of them in absentia – to jail terms of up to five years.

It also ordered the closure of offices and the seizure of assets in Egypt belonging to several US NGOs.

The case – which began in 2012 – has strained relations between Cairo and Washington.

US officials had threatened to cut off the roughly $1.5bn (£980m) in aid paid to Egypt every year.