Egypt’s stocks ended Monday lower incurring losses worth 4.4 billion Egyptian pounds driven by Sinai deadly attacks occurred last Friday. In return, the country’s main stock index, EGX30 retreated further below 8650 points driven by local investors’ selling appetite.
The Egyptian Exchange’s indices were wavering in dark red notes during the closing session of Monday.
On Friday, some of the worst anti-state violence claimed the lives of at least 33 soldiers during an attack on a checkpoint in the Sinai Peninsula bordering Israel and Gaza. The assault bore the marks of attacks claimed by Egypt’s most active militant group Ansar Bayt al-Maqdis.
The European Union, and the U.S. and British governments condemned the attacks on Friday and pledged their support.
The government responded to Friday’s attacks swiftly, declaring a three-month state of emergency in parts of North Sinai, where the attacks happened.
Egypt’s benchmark index EGX30 ended 1.44 per cent lower to 8648.99 pts; and EGX20 2.11 per cent down to 9871.76 pts.
In addition, the mid- and small-cap index, the EGX70 fell by 0.72 per cent to finish at 582.95 pts. The price index EGX100 inched down by 0.93 per cent to conclude at 1059.45 pts.
Furthermore, the market capitalization recorded EGP 490.988 billion on Monday.
Turnovers Slightly higher, yet below EGP One billion
Through the closing session of Monday, the trading volume has reached 174.826 million securities, with turnovers worth EGP 833.776 million, exchanged through 25.328 transactions.
Also during the closing session, 177 listed securities have been traded in; 121 declined, 33 advanced; while 18 kept their previous levels.
Local investors were net sellers on Monday seizing 77.47% of the total market, with a net equity of EGP 68.832 million, excluding the deals.
On the other hand, Arab and the non-Arab foreign investors remained net buyers attaining 9.2% and 13.34% respectively of the total markets, with a net equity of 25.226 million and EGP 43.605 million, respectively, excluding the deals.