Local, Foreign Profit-takers Drag Egypt Shares to lose EGP5.8bn at Midday

Driven by local and foreign profit-takers, Egypt’s stocks hit lower during the midday session of Wednesday with losses of 5.8 billion pounds. Accordingly, Egypt’s main stock index fell down below 7985 points, despite tasking Housing Minister Ibrahim Mehleb to form a new government following the unexpected resignation of Hazem El-Beblawi’s Cabinet.

The Egyptian Exchange’s indices were wavering in red notes during the midday session of Wednesday.

Indices

The Benchmark EGX30 inched down by 0.56% to 7984.54 p; while EGX20 dropped by 0.55% to 9553.86 p.

Additionally, the mid- and small-cap index, the EGX70 tumbled by 0.55% to 650.6 p.  Price index EGX100 tumbled by 1.48% to 1104.22 p.

Furthermore, market capitalization reached EGP 484.807 billion, according to data compiled by Amwal Al Ghad English at 12:39 p.m. Cairo time (10:39 GMT).

Turnovers & Trading Volumes

The trading volume has recorded 442.853 million securities, with turnovers reached EGP 165.138 million, exchanged through 16.633 transactions during Wednesday midday.

Also during the midday session, 163 listed securities have been traded in; 102 fell, 35 advanced; while 26 keeping their previous levels.

Investors’ Activities

Egyptian and the non-Arab foreign investors were net sellers seizing 87.03% and 3.66% respectively of the total markets, with a net equity of EGP 22.537 million and EGP 4.373 million respectively, excluding the deals.

On the contrary, Arab investors were net buyers acquiring 9.31% of the total market, with a net equity of EGP 26.911 million, excluding the deals.