Foreign Sell-off Drives Egypt Main Index 1.6% Down on Tuesday

By Yomna Yasser On Feb 4, 2014

Egypt’s bourse continued its downturn performance for the second day in a row, with losses totaled 2.9 Egyptian pounds on Tuesday driven by foreign profit-takers. In return, Egypt’s main bourse index also closed lower further below 7290 points.

The Egyptian Exchange (EGX) indices were wavering in mixed notes on Tuesday afternoon.

Indices

Egypt’s benchmark index EGX30 ended 1.64 per cent lower to 7287.64 pts; while EGX20 finished 1.58 per cent down to 8695.23 pts.
on the contrary, the mid- and small-cap index, the EGX70 surged by 1.28% to close at 895.65 pts. The price index EGX100 went up by 1.08 per cent to conclude at 1008.54 pts.

Furthermore, the market capitalization recorded EGP 450.885 billion on Tuesday.

Turnovers
Through the closing session of Tuesday, the trading volume has reached 241.078 million securities, with turnovers worth EGP 756.313 million, exchanged through 35.939 thousand transactions.
Also during the closing session, 189 listed securities have been traded in; 97 declined, 73 advanced; while 19 keeping their previous levels.

Investors’ Activities

The non-Arab foreigners and Arabs were net sellers seizing 15.18% and 5.23% respectively of the total markets, with a net equity of EGP 250.618 thousand and 44.738 million respectively, excluding the deals.

Meanwhile, Egyptians were net buyers capturing 79.58% of the total market, with a net equity of EGP 295.356 million, excluding the deals.

Companies’ Activities

At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price decline by 2.90 percent to EGP 11.06, despite news of completing the share buyback transaction at a total value of EGP 425,000,003. The transaction was executed today, Tuesday, February 04, 2014, on 36,956,522 shares at EGP 11.5 each.

Market bellwether Commercial International Bank S.A.E. (COMI.CA) pushed down 1.64 percent to EGP 32.99.

In the real estate sector, Palm Hills Development Company sank by 2.93 percent to trade at EGP 2.98, Talaat Moustafa Group Holding (TMGH.CA) decreased 1.26 percent to trade at EGP 7.06, and Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) fell 1.51 percent to close at EGP 22.77.