EGX inches down for 5th session in row, market cap. loses LE 2.5B

CAIRO – 16 August 2018: The Egyptian Exchange (EGX) recorded a regression for the fifth session on row, marking a whole red week, awaiting the Monetary Policy Committee’s (MPC) decision about the interest rate, a session away from Eid al-Adha.

EGX announced Tuesday that the bourse will be off for four days on the occasion of Eid El-Adha, starting from Monday, August 20 to Thursday, August 23, adding that trading will be resumed on Sunday, August 26.

MPC is going to meet Thursday, August 16, to take a decision on the interest rates.

CBE expected to keep interest rates Thursday

CAIRO - 16 August 2018: The Central Bank of Egypt is expected to keep interest rates unchanged during Thursday's Monetary Policy Committee (MPC) meeting. Despite the inflationary pressure which came in June as a result of implementing the economic program coinciding with Islamic events, Ramadan and Eid Al-Fitr, investment banks see that the MPC will keep the rates at the current levels.

The benchmark EGX30 lost 0.40 percent, or 61.47 points, to close at 15,295.97 points.

The equally weighted index EGX50 declined 0.10 percent, or 2.51 points, to reach 2,523.08 points.

The small and mid-cap index EGX70 decreased 0.02 percent, or 0.12 points, reaching 740.28 points, and the broader index EGX100 inched down 0.28 percent, or 5.31 points, closing at 1,899.55 points.

Market capitalization lost LE 2.5 billion, recording LE 858.03 billion, compared to LE 860.54 billion in Wednesday’s session.

The trading volume reached 176.3 million shares, traded through 16,495 transactions, with a turnover of LE 472.43 million.

Electro Cable Egypt, Arab Real Estate Investment CO. (ALICO), and Arab Aluminum were top gainers of the session by 7.61 percent, 6.06 percent and 5.37 percent, respectively.

On the other hand, El Arabia Engineering Industries, Dice Sport & Casual Wear, and Prime Holding were top losers of the session by 9.97 percent, 6.25 percent, and 4.23 percent, respectively.

Egyptian investors were net buyers at LE 62.7 million, while Arab and foreign investors were net sellers at LE 8.49 million and LE 54.2 million, respectively.

Egyptian and foreign individuals were net buyers at LE 33.7 million and LE 728,445, respectively, while Arab individuals were net sellers LE 8.8 million.

Egyptian and Arab organizations were net buyers at LE 29 million and LE 313,504, respectively, while foreign organizations were net sellers at LE 54.95 million.

EGX ended Wednesday’s session in red, as EGX30 slipped 0.68 points, EGX50 declined 0.04 percent, EGX70 decreased 0.41 percent, and EGX100 inched down 0.27 percent.