Local, Arab Sell-offs Drive Egypt Stocks’ EGP480mn Losses on Wednesday

Egypt’s stocks closed lower on Wednesday incurring losses of 480 million Egyptian pounds driven by local and Arab investors’ sell-offs. Consequently, the country’s main stock index, EGX30 retreated below 8595 points.

Meanwhile, the Egyptian Exchange’s indices turned to red notes during closing session of Wednesday, except for the the mid- and small-cap index, the EGX70, which solely remained with no change.

EGX is operating with shortened trading hours during the Islamic fasting month of Ramadan since the exchange would open from 10:00 to 13:30 Cairo time.

Indices

Egypt’s benchmark index EGX30 ended 0.12 per cent lower to 8593.3 pts; while EGX20 finished 0.09 per cent down to 10358.81 pts.     
In addition, the mid- and small-cap index, the EGX70 remained with no change at 613.05 pts. The price index EGX100 fell by 0.06 per cent to conclude at 1086.11 pts.  
Furthermore, the market capitalization recorded EGP 492.227 billion on Wednesday.

Turnovers below EGP 1 billion
Through the closing session of Wednesday, the trading volume has reached 121.853 million securities, with turnovers worth EGP 940.091 million, exchanged through 18.767 transactions.               
Also during the closing session, 184 listed securities have been traded in; 108 declined, 43 advanced; while 30 kept their previous levels.

Investors’ Activities

Egyptian and Arab investors were net sellers seizing on Wednesday 86.8% and 2.68% respectively of the total markets, with a net equity of EGP 21.446million and EGP 3.107 million respectively, excluding the deals.

On the contrary, the non-Arab foreign investors were net buyers capturing 10.52% of the total market, with a net equity of EGP 24.553 million, excluding the deals.