Egypt’s Main Index in Dark Red, End below 8540 on Vote Day Three

By Yomna Yasser On May 28, 2014

Egypt’s stocks ended deeply lower on Wednesday incurring losses totalling 6.2 billion Egyptian pounds amid vote for presidential elections been extended for extra third day. In return, the main stock index, EGX30 dived below 8540 points driven by foreign sell-offs.

Presidential Elections Commission (PEC) decided to extend voting by one day, until Wednesday to provide Egyptians, especially those who are currently residing outside of their hometowns, with the opportunity to cast their votes. This comes after the PEC announced the second day of vote as an official holiday to encourage voters to cast their votes.

Ex-chief army Abdel Fattal al-Sisi and leftist politician Hamdeen Sabahi are the only two contenders in the presidential race.

Meanwhile, the EGX indices were wavering in dark red notes during the closing session of Wednesday.

Indices

Egypt’s benchmark index EGX30 ended 2.27 per cent lower to 8537.89 pts; while EGX20 finished 2.43 per cent down to 10275.06 pts.
In addition, the mid- and small-cap index, the EGX70 sagged by 1.36 per cent to end at 605.44 pts. The price index EGX100 pushed down by 1.37 per cent to conclude at 1058.53 pts.
Furthermore, the market capitalization recorded EGP 488.458 billion on Wednesday.

Turnovers below EGP1 Billion
Through the closing session of Wednesday, the trading volume has reached 269.215 million securities, with turnovers worth EGP 921.382 million, exchanged through 32.867 thousand transactions.
Also during the closing session, 175 listed securities have been traded in; 146 declined, 15 advanced; while 14 keeping their previous levels.

Investors’ Activities

Arab and the non-Arab foreign investors were net buyers seizing on Wednesday 9.11% and 10.98% respectively of the total markets, with a net equity of EGP 84.942 million and EGP 19.958 million respectively, excluding the deals.

On the other hand, Egyptian investors were net buyers capturing 79.91% of the total market, with a net equity of EGP 104.901 million, excluding the deals.