Egypt’s stock market closed this week lower with dramatic losses totalling 14.8 billion pounds depressed by local profit-takers. Consequently, the country’s main stock index – EGX30 sank to 8250 levels on Thursday. Local investors take the gains made all over the last weeks which triggered EGX30 to cross 8500, highest in 5 years.
Meanwhile, the Egyptian Exchange (EGX) indices were wavering in dark red notes on Thursday afternoon.
Egypt’s benchmark index EGX30 closed 2.70 per cent lower to 8251.83 pts; while EGX20 finished 2.88 per cent down to 9941.67 pts.
On the contrary, the mid- and small-cap index, the EGX70 dived by 4.35 per cent to end at 627.1 pts. The price index EGX100 also pushed down by 3.72 per cent to conclude at 1094.21 pts.
Furthermore, the market capitalization recorded EGP 487.442 billion on Thursday.
Turnovers above One Billion and Half Pounds
Through the closing session of Thursday, the trading volume has reached 411.317 million securities, with turnovers worth EGP 1.544 billion, exchanged through 55.008 thousand transactions.
Also during the closing session, 186 listed securities have been traded in; 168 declined, 12 advanced; while 6 keeping their previous levels.
Egyptian investors were net sellers capturing on Thursday 86.71% of the total market, with a net equity of EGP 97.241 million, excluding the deals.
On the other hand, the non-Arab foreign and Arab investors were net buyers seizing 7.2% and 6.09% respectively of the total markets, with a net equity of EGP 63.796 million and EGP 33.445 million respectively, excluding the deals.
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price decline on Thursday by 5.03 percent to EGP 12.64.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) inched down by 3.70 percent to EGP 37.00.
In the real estate sector, Palm Hills Development Company (PHDC.CA) plunged by 7.11 percent to trade at EGP 3.92, Talaat Moustafa Group Holding (TMGH.CA) sank by 7.59 percent to trade at EGP 7.91, while Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) plummeted by 8.04 percent to close at EGP 26.99.
Sisi’s Presidential Candidacy
Egypt’s chief army Abdel Fattah al-Sisi, the general who ended the one-year rule of Egypt’s first freely elected leader Mohamed Morsi following after mass protests against his rule, declared his candidacy on Wednesday for a presidential election he is expected to easily win.
Sisi toppled the Muslim Brotherhood-led leader last July after mass protests against his rule and has emerged as the most influential figure in an interim administration that has governed since then.
“I am here before you humbly stating my intention to run for the presidency of the Arab Republic of Egypt,” Sisi said in a televised address to the nation. “Only your support will grant me this great honor.”
A Sisi presidency would mark a return to the days when Egypt was led by men from the military, a pattern briefly interrupted by Morsi’s one year in office after his 2012 victory in Egypt’s first democratic presidential election.
Among his supporters, Sisi is wildly popular. Many see him as the kind of strong man needed to stabilize a country in crisis. But he is reviled by the Islamist opposition as the mastermind of a coup against a freely elected leader.