CAIRO – 8 October 2018: The Egyptian Exchange (EGX) ended its first session of the week, Monday’s session, in red, and market capitalization lost LE 24.43 billion, amid Egyptian and Arab selling.
On Thursday, the Egyptian Exchange (EGX) announced that Sunday, October 7, is an official holiday for the bourse on the occasion of the 45th anniversary of October War victory.
The benchmark EGX30 declined 3.55 percent, to close at 13,604 points.
The equally weighted index EGX50 dropped 4.17 percent, to reach 2,108 points.
The small and mid-cap index EGX70 decreased 1.24 percent, reaching 690 points, and the broader index EGX100 inched down 1.87 percent, closing at 1,735 points.
Market capitalization lost LE 24.43 billion, recording LE 758.25 billion, compared to LE 782.67 billion in Thursday’s session.
The trading volume reached 189.46 million shares, traded through 24,299 transactions, with a turnover of LE 709.18 million.
Head of the Egyptian Association of Technical Analysts Ahmed Shehata expected the benchmark of the Egyptian Exchange (EGX) to decline on the short and medium terms.
Sehata attributed the decline to external pressures on emerging markets after the rise in US interest rates and the increase of interest rates in some of these emerging markets, which led to attracting foreign investments to these markets, in addition to the rise in the price of oil globally, thus raising the budget deficit of the state.
Shehata ruled out the positive impact of the government's initial public offering (IPO) program on the Egyptian stock exchange, especially after news about the adoption of stock prices according to the average price during the last month and the weakness of the liquidity level in the Egyptian stock market.
CAIRO - 8 October 2018: Head of the Egyptian Association of Technical Analysts Ahmed Shehata expected the benchmark of the Egyptian Exchange (EGX) to decline on the short and medium terms. Sehata attributed the decline to external pressures on emerging markets after the rise in US interest rates and the increase of interest rates in some of these emerging markets, which led to attracting foreign investments to these markets, in addition to the rise in the price of oil globally, thus raising the budget deficit of the state.
Mohandes Insurance, El Ahram Co. for Printing and Packing, and Development & Engineering Consultants were top gainers of the session by 7.28 percent, 6.06 percent and 4.52 percent, respectively.
On the other hand, Suez Cement, Raya Contact Center, and Modern Company for water proofing (Bitumode) were top losers of the session by 9.53 percent, 9.48 percent, and 9.42 percent, respectively.
Foreign investors were net buyers at LE 56.11 million, while Egyptian and Arab investors were net sellers at LE 34.68 million and LE 21.42 million, respectively.
Arab individuals were net sellers at LE 14.5 million, while Egyptian and foreign individuals were net sellers at LE 6.04 million, and LE 3.6 million, respectively.
Egyptian and Arab organizations sold at LE 40.7 million, and LE 6.9 million, respectively, while foreign organizations bought at LE 52.49 million.
EGX ended Thursday in red, and market capitalization lost LE 9.5 billion, as EGX30 dropped 1.46 percent, EGX50 declined 1.79 percent, EGX70 decreased 0.55 percent, and EGX100 inched down 0.80 percent.
Comments
Leave a Comment