Arab selling pushes EGX into red zone for 2nd session in row

CAIRO – 14 November 2018: The Egyptian Exchange (EGX) ended Wednesday’s session in red for the second consecutive session, and market capitalization lost LE 3.4 billion, amid Arab selling.

The benchmark EGX30 lessened 0.42 percent, or 56.44 points, to close at 13,487.2 points.

The equally weighted index EGX50 declined 0.63 percent, or 13.66 points, to reach 2,170.03 points.

The small and mid-cap index EGX70 dropped 0.23 percent, or 1.61 points, reaching 695.47 points, and the broader index EGX100 decreased 0.36 percent, or 7.1 points, to close at 1,735.88 points.

Market capitalization lost LE 3.4 billion, recording LE 772.94 billion, compared to LE 776.33 billion in Tuesday’s session.

The trading volume reached 186.53 million shares, traded through 21,890 transactions, with a turnover of LE 916.13 million.

Arab investors were net sellers at LE 158.8 million, while Egyptian and foreign investors were net buyers at LE 100.92 and LE 57.9 million, respectively.

Egyptian and foreign individuals were net buyers at LE 32.88 million, and LE 13.84 million, respectively, while Arab individuals were net sellers at LE 8.43 million.

Arab organizations sold at LE 150.38 million, while Egyptian and foreign organizations bought at LE 68.04 million and LE 44.06 million, respectively.

Wadi Kom Ombo Land Reclamation, South CAIRO & Giza Mills & Bakeries, and El Nasr for Manufacturing Agricultural Crops were top gainers of the session by 9.94 percent, 9.15 percent and 8.21 percent, respectively.

Meanwhile, Obour Land for Food Industries, Misr National Steel - Ataqa, and El Ahram Co. for Printing and Packing were top losers of the session by 8.33 percent, 6.72 percent, and 6.62 percent, respectively.

The EGX ended Tuesday’s session in red, as EGX30 lessened 0.98 percent, EGX50 declined 0.91 percent, EGX70 decreased 0.67 percent, and EGX100 inched down 0.81 percent.