EGX records deep loses amid fears of coronavirus

CAIRO – 1 March 2020: The Egyptian Exchange (EGX) starts the week in red amid fears of the spread of coronavirus that affected global stocks. The bourse lost around LE 31.98 billion of market capitalization, amid Egyptian and foreign selling.

The benchmark EGX 30 dropped 6.04 percent, or 786.35 points, to close at 12,222.59 points.

The equally weighted index EGX 50 dipped 6.59 percent, or 6.59 points, to end at 1,655.35 points.

Moreover, the small and mid-cap index EGX 70 lessened 6.37 percent, or 76.98 points, to close at 1,132.29 points and the broader index EGX 100 decreased 5.44 percent, or 5.44 points to 1,239.71 points.

Market capitalization lost LE 31.98 billion, recording LE 634.98 billion, compared to LE 666.97 billion in Thursday’s session.

The trading volume reached 172.52 million shares, traded through 22,661 transactions, with a turnover of LE 597.97 million.

Arab investors were net buyers at LE 11.24 million, while Egyptian and foreign investors were net sellers at LE 1.78 million, and LE 9.45 million, respectively.

Egyptian and foreign individuals were net buyers at LE 9.48 million, and LE 86,123, respectively, while Arab individuals were net sellers at LE 4.48 million.

Egyptian and foreign organizations sold at LE 11.27 million, and LE 9.54 million, respectively, while Arab organizations bought at LE 15.72 million.

Sarwa Capital Holding, Medical Packaging Company, and Delta Sugar were the only companies that came in green during the session at 7.06 percent, 4.78 percent and 0.32 percent, respectively.

Meanwhile, Orascom Development Egypt, Heliopolis Housing, and Ezz Steel were top losers of the session by 14.41 percent, 13.82 percent, and 12.28 percent, respectively.

During the session, EGX suspended trading on the the broader index EGX 100 for 30 minutes after it dropped by more than 5 percent during Sunday’s trading session.

By 12:35 pm Cairo time, EGX100 lessened by 5.1 percent to 1,243 points, and the benchmark EGX 30 declined 6.14 percent to 12,210 points.

Red trading dominates trading on EGX and most of Arab stock exchanges as a result of the panic of the spread of coronavirus and the slip of the American stocks at the end of the week.

On Thursday, EGX ended in red, as EGX 30 dropped 1.45 percent, EGX 50 dipped 1.58 percent, EGX 70 lessened 1.14 percent, and EGX 100 decreased 1.22 percent.