Egypt’s stock market ends mixed, EGX 30 extends losses on CIB

Egypt’s stock market (EGX) closed mixed on Monday as shares of Commercial International Bank, continues to fall following removal of its chairman Hisham Ezz Al Arab by the central Bank.

CIB, the country’s biggest listed bank, sent a statement to the EGX earlier on Monday confirming Ezz Al-Arab’s resignation and its recent board revamp, including the appointment of Sherif Samy as a non-executive chairman.

On Friday, Ezz al-Arab stepped down with immediate effect under orders from the central bank, which cited compliance concerns at the CIB.

The bank holds massive foreign holdings and its former long-time chairman Ezz al-Arab is among the country’s leading bankers and a well-known figure in Middle Eastern finance industry.

Shares of CIB fell 1.8 percent for the third consecutive session.

The benchmark EGX 30 index lost 0.86 percent to 10,512 points.

The EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) advanced by 1.68 percent to 1,814 points, while the fixed-weighted index, EGX 30 Capped dropped 0.17 percent to 12,533 points. The all-embracing index, EGX 100 added 1.31 percent to 2,679 points. Meanwhile, the equal weights index, EGX 50 rose 0.76 percent to 1,960 points.

Market Cap   

Total market capitalisation posted gains worth 1.4 billion Egyptian pounds (around $89.2 million) to close at 600.058 billion pounds on Monday.

Trading Aggregates    

Also on Monday, the trading value has approximately reached 1.6 billion pounds, while the trading volume has almost recorded 247.5 million securities executed 34,551 transactions.

Leave a comment