Following OCI’s Exclusion, Egypt Benchmark Falls below 5287 pts at Closing
Egypt’s stock market has ended Monday lower incurring losses of EGP one billion following the exclusion of Orascom Construction Industries (OCIC.CA) from the benchmark’s constituents. In turn, the benchmark has ended in red below 5290 pts.
The Egyptian Exchange’s indices ended in red notes, except for the mid- and small-cap index, the EGX70 which solely rose during the closing session of Monday.
Egypt’s benchmark index EGX30 inched down by 0.58% to close at 5286.19 p; while the EGX20 fell by 0.20% to end at 6210.5 p.
Meanwhile, the mid- and small-cap index, the EGX70 advanced by 0.11% to conclude 428.92 p. The price index EGX100 sagged by 0.30% to finish 729.07 p.
The capital market has closed at EGP 355.609 billion on Monday.
Local, Arab Buyers
The non-Arab foreigners were net sellers seizing 11.94% of the total markets, with a net equity of EGP 4.735 million excluding the deals.
Meanwhile, Egyptians and Arabs were net buyers seizing 83.66% and 4.4% respectively, of the total markets, with a net equity of EGP 2.703 million and EGP 2.031 million, excluding the deals.
Traded Volumes & Trades
Through the closing session of Monday, the trading volume has reached 63.391 million securities. For the traded value, it hit EGP 170.770 million, exchanged through 10.940 thousand transactions.
Also during the closing session, 146 listed securities have been traded in; 72 declined, 43 advanced; while 31 keeping their previous levels.
Egypt Bourse Removes OCI From Benchmark
The Egyptian Exchange (EGX)’s management has ratified the amendments that were endorsed by the Indices Committee that convened for semi-annual revision of indices.
Benchmark index have seen some changes, mainly the removal of Orascom Construction Industries (OCI) (OCIC.CA) from the index constituents. The removal comes in the light of the closing fillings on 28 July 2013 of OCI NV’s tender offer for 208.938.419 shares or 100% of issued shares of OCI S.A.E.
Six companies were added to the main index while six others were removed. Meanwhile, small and mid-cap index EGX70 saw the removal of 14 companies, of which five were added to EGX30. EGX100 witnessed the removal of eleven companies.
