Following New Chief Assignment, Egypt’s Benchmark Falls 1.2% – Midday

Following the appointment of a new chairman and vice chairman, Egypt’s stock market has encountered losses of EGP 2.7 billion during the midday session of Thursday.

Egypt’s Prime Minister Dr. Hisham Kandil has issued a decree on Thursday naming the country’s new Egyptian Exchange (EGX) chairman and vice chairman.

Dr. Kandil has selected Mr. Atef Yassin El-Sherif as the new Egyptian Exchange (EGX) Chairman, in place of Dr. Mohamed Omran whose term shall expire next June 30th.

Additionally, Mr. Ashraf Kamal will succeed Judge Khaled El-Nashar as EGX’s Vice Chairman.

The Egyptian Exchange’s indices were wavering in red notes by Thursday noon.

Benchmark EGX30 inched down by 1.26% to 4625.09 p; while EGX20 sank by 1.45% to 5057.68 p.

On the other hand, the mid- and small-cap index, the EGX70 dipped by 0.05% to 354.95 p.  Price index EGX100 also fell by 0.65% to 625.28 p.

The capital market has reached EGP 315.802 billion during the midday session of Thursday, according to data compiled by Amwal Al Ghad English at 12:54 p.m. Cairo time (10:54 GMT).

Trading Volumes & Values

The trading volume has recorded 37.708 million securities worth EGP 160.197 million, exchanged through 4082 transactions during Thursday midday.

Also during the midday session, 129 listed securities have been traded in; 66 declined, 22 advanced; while 41 steadied.

Investors’ Activities

Egyptians and the non-Arab foreigners’ selling pressures have triggered EGX’s midday  losses as they were net sellers seizing 26.2% and 68.9% respectively, of the total markets, with a net equity of EGP 6.763 million and EGP 4.958 million, excluding the deals.

Meanwhile,  Arabs were net buyers seizing 4.9% of the total markets, with a net equity of EGP 11.721 million excluding the deals.

Egypt’s New Bourse Chief, Deputy

Mr. Atef El-Sherif has served as the vice chairman of the Legal Affairs Sector at the EGX. He has been also the former EGX chairman Maged Shawky’s aide (2005 -2010).

Meanwhile, Mr. Kamal has served the head of the Disclosure Management at the EGX.