Stocks in Egypt close lower, state-run MOPCO’s share soars in debut

Egyptian stock market ended lower on Wednesday on local selloff.

Main index, EGX30 dropped 0.69 percent, to 8146.1 points, in the lowest daily volume for six weeks. Orascom Telecom (OTMT.CA), a stock favoured by local investors, declined 1.8 percent but Palm Hills Development (PHDC.CA), the most heavily traded share on the market, rose 0.4 percent.

Other indices; EGX50 EWI index also traded lower 0.81 percent, to 1363.24 points; EGX20 tumbled 1.02 percent, to 8177.31 points.

Mid- and small-cap index EGX70 dropped 0.16 percent, to 357.93 points. Price index, EGX100 went down 0.71 percent, to 813.43 points.

Market Cap

Market capitalisation gained 5 billion Egyptian pounds ($563 million), to record 419.338 billion pounds during the closing session of Wednesday, which witnessed trading of state-owned Misr Fertilizers Production Company – MOPCO for the first time.

MOPCO’s stock increased 296.9 percent, to close at 39.69 pounds on first day of trading on Cairo stock exchange.

Turnovers

The bourse’s trading volume reached 82.810 million securities, with turnovers, closing at 365.222 million pounds, exchanged through 12,696 transactions.

Also during the closing session, 154 listed securities have been traded in, 82 declined, 29 advanced; while 41 kept their previous levels.

Investors’ Activities

Local investors were net sellers capturing 72.24 percent of the total market, with a net equity of 36.506 million pounds, excluding the deals.

On the contrary, Arab and non-Arab foreign investors were net buyers controlling 13.82 and 13.94 percent respectively of the total markets, with a net equity of 26.419 million pounds and 10.087 million pounds, respectively, excluding the deals.