On Egypt Mounting Unrest, Stocks Start Week in Dark Red

As turmoil mounts in Egypt, stock market has opened this week incurring losses of EGP 4.1 billion. The benchmark fell 2.3 percent on Sunday morning.

After halting sessions last Thursday, the Egyptian Exchange (EGX) is resuming normally its sessions but with trading hours shortened to three hours only instead of four. This comes after the Egyptian central bank (CBE) said the banks will re-open on Sunday from 9:00 a.m. to 12:00 p.m. (07:00 – 10:00 GMT).

For the EGX indices, they were wavering in red notes during the opening session of Sunday.

Benchmark EGX30 pushed down by 2.36% to 5418.21 p; while EGX20 sank by 1.98% to 6305.7 p.

On the other hand, the mid- and small-cap index, the EGX70 fell by 0.58% to 426.54 p.  Price index EGX100 dipped by 0.74% to 732.4 p.

The capital market has reached EGP 356.394 billion during the opening session of Sunday, according to data compiled by Amwal Al Ghad English at 11:06 a.m. Cairo time (09:06 GMT).

Trading Volumes & Values

The trading volume has recorded 20.675 million securities worth EGP 50.429 million, exchanged through 2.624 thousand transactions during Sunday opening.

Also during the opening session, 100 listed securities have been traded in; 75 declined, 4 rose; while 21 keeping their previous levels.

Investors’ Activity

The non-Arab foreign selling pressures triggered EGX’s early losses as they were net sellers seizing 10.82% of the total market, with a net equity of EGP 19.312 million, excluding the deals.

Meanwhile, Egyptians and Arab investors were net buyers seizing 87.69% and 1.49% respectively, of the total market, with net equities of EGP 18.328 million and EGP 984.047 thousand, excluding the deals.