Stock Loses 13.3 bln On Govt. Confidence Retreat And Inflation

Amid last week, EGX30 decreased by 4.21% losing 227.42 pts to close at 5,169.43 pts. The primary winners during the week were Alexandria Portland for Cement and Orascom for Development where their prices increased by 9.28% and 8.81% respectively.

The market turnover was about 2.9 billion decreased with 18.3% comparing the last week where it posted 3.5 billion, trading volumes decreased with 11% since last week posting EGP 792,590,541, total trades decreased to 163,124 comparing to 193,163 trades on last week.

Mid- and small-cap index, the EGX70 dipped 5.4% recording a total loss of 27.64 pts dropping from 512.9 pts to close at 485.26 pts. Price index EGX100 edged down 4.5% marking a total loss of 38.79 pts dropping from 868.57 pts till closing at 829.78 pts.

Stock was mainly affected by the Central Bank of Egypt’s announcement about inflation rate rise to 9.2% during February, from 8.6% last month.

CBE said that this increase mainly resulted from rising food and beverages prices which represent the major share of consumer price index.

Experts added that heavy sale transactions has been performed by Investors amid retreating confidence in Ganzouri’s government.

The real estate sector topped the losers’ list; decreasing by 7.91%. The food and beverages and industrial sectors followed, losing 6 & 5.92%, respectively. Travel & Leisure sector was the sole gainer, by 2.6%.