Tick tock: Deadlines Loom for Egypt’s Morsi, Benchmark Solely Falls
Egypt’s stock market has pared its early losses to EGP 422 million on Wednesday ahead of the army’s anticipated statement to mark the end of the 48-hour ultimatum given to the president to relieve the mounting anti-regime protests.
The Egyptian bourse has incurred opening and midday losses of EGP 4.5 billion and EGP 3.2 billion, respectively battered by President Mohamed Morsi’s speech that challenge army’s 48-hour ultimatum late Tuesday.
Egyptian president Mohamed Morsi vowed to stay in power and die for his legitimacy Tuesday midnight, repeating several times he would pay with his life as the “price for legitimacy.”
The speech implied a challenge to the 48-hour ultimatum given by the military to all parties to come up with a solution for the political crisis, or it would impose a military-supervised roadmap for the future of the turmoil-stricken country.
The statement issued by Egypt’s army said it would have to intervene if the political crisis was not resolved.
The armed forces said in a statement on Monday afternoon that it is giving all political forces 48 hours as a last chance to solve the ongoing problems, or else the armed forces will have to announce a new roadmap for the future, and will enforce certain measures with the help of all factions including the youth, without excluding anyone. The Egyptian stock market has hailed army’s statements gaining EGP 11.5 billion on Tuesday.
The Egyptian Exchange’s indices were wavering in green notes by the closing session of Wednesday, except for the main index EGX 30 that solely falls, waiting for the army’s statement to announce its roadmap in order to end the ongoing unrests plagued by the country.
Egypt’s benchmark index EGX30 fell by 0.32% to close at 4971.06 p; while the EGX20, it rose by 0.14% to end 5532.72 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched up by 1.44% to conclude at 386.34 p. The price index EGX100 surged by 0.96% to finish at 677.69 p.
The capital market has closed at EGP 332.766 billion by Wednesday afternoon.
Traded Volumes & Trades
Through the closing session of Wednesday, the trading volume reached 110.353 million securities. For the traded value, it reached EGP 300.735 million, exchanged through 20.012 thousand transactions.
Also during the closing session, 165 listed securities have been traded in; 47 declined, 87 advanced; while 31 keeping their previous levels.
Investors’ Activity
Egyptians’ buying transactions have managed to pare EGX’s losses as they were net buyers seizing 71.73% of the total markets, with a net equity of EGP 55.377 million excluding the deals.
Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 20.2% and 8.07% respectively, of the total markets, with a net equity of EGP 30.909 million and EGP 24.468 million, excluding the deals.
