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

CAIRO – 3 December 2018: Arab selling pushed the Egyptian Exchange (EGX) to the red zone for the second session in row and market capitalization lost LE 9.16 billion.

The benchmark EGX30 declined 1.64 percent, or 215.64 points, to close at 12,934.44 points.

The equally weighted index EGX50 decreased 1.61 percent, or 34.97 points, to reach 2,133.21 points.

The small and mid-cap index EGX70 inched down 0.43 percent, or 2.88 points, reaching 672.35 points, and the broader index EGX100 went down 0.59 percent, or 10.04 points, to close at 1,681.66 points.

Market capitalization lost LE 9.16 billion, recording LE 735.38 billion, compared to LE 744.54 billion in Sunday’s session.

The trading volume reached 183.97 million shares, traded through 23,418 transactions, with a turnover of LE 997.11 million.

Arab investors were net sellers at LE 169.73 million, while Egyptian and foreign investors were net buyers at LE 74.97 and LE 94.76 million, respectively.

Egyptian and foreign individuals were net buyers at LE 91.78 million, and LE 546,012, respectively, while Arab individuals were net sellers at LE 178,139.

Foreign organizations bought at LE 94.22 million, while Egyptian and Arab organizations sold at LE 16.81 million, and LE 169.55 million, respectively.

Misr National Steel - Ataqa, Telecom Egypt, and Maridive & oil service were top gainers of the session by 5.18 percent, 2.59 percent and 2.22 percent, respectively.

Meanwhile, Saudi Egyptian Investment & Finance, Global Telecom Holding, and Upper Egypt Flour Mills were top losers of the session by 9.26 percent, 7.76 percent, and 7.31 percent, respectively.

EGX ended Sunday’s in red, as EGX 30 declined 1.27 percent, EGX50 decreased 0.78 percent, EGX70 inched down 0.93 percent, and EGX100 went down 0.88 percent.