Organizational selling pushes EGX into red zone Wednesday

CAIRO – 1 April 2020: The Egyptian Exchange (EGX) ended Wednesday in red, losing LE 6.8 billion of market capitalization, amid organizational selling.

The benchmark EGX 30 declined 1.76 percent, or 169.05 points, to close at 9,424.89 points.

The equally weighted index EGX 50 decreased 1.43 percent, or 19.23 points, to end at 1,329.21 points.

Moreover, the small and mid-cap index EGX 70 dipped 0.87 percent, or 8.68 points, to close at 986.27 points, and the broader index EGX 100 dropped 1.26 percent, or 12.95 points to 1,017.97 points.

Market capitalization lost LE 6.8 billion, recording LE 526.07 billion, compared to LE 532.87 billion in Tuesday’s session.

The trading volume reached 197.35 million shares, traded through 22,852 transactions, with a turnover of LE 645.45 million.

Egyptian investors were buyers at LE 281.22 million, while Arab and foreign investors were net sellers at LE 937,988, and LE 280.28 million, respectively.

Egyptian, Arab and foreign individuals were net buyers at LE 23.52 million, LE 3.7 million, and Le 540,246 respectively.

Arab and foreign organizations sold at LE 4.66 million, and LE 280.83 million, respectively, while Egyptian organizations bought at LE 257.7 million.

Medical Packaging Company, Delta Construction & Rebuilding, and El Arabia Engineering Industries were top gainers of the session at 9.83 percent, 9.04 percent and 8.96 percent, respectively.

Meanwhile, International Co For Investment & Development, Juhayna Food Industries, and Misr Beni Suef Cement were top losers of the session by 9.91 percent, 9.83 percent, and 9.38 percent, respectively.

On Tuesday, EGX ended the session in green as: EGX 30 rose 0.76 percent, EGX 50 increased 1.87 percent, EGX 70 rose 1.41 percent, and EGX 100 hiked 0.78 percent.