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Wednesday, 29 January 2020

Egypt's market slides 4.6% to 5 month-low

Stocks have been falling all week as the fall in oil prices continues to cause global and regional losses

Ahram Online , Wednesday 17 Dec 2014
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
Views: 1512
Views: 1512

Egypt's market continued to slide during Wednesday’s session, hitting its lowest value in more than five months.

Benchmark index, EGX30, sank 4.59 percent to record 8,124 points while daily stock turnover registered LE913.4 million.

The Egyptian stock exchange has been falling all week on foreign and Arab investor selling, following global and regional losses resulting from the fall in oil prices. But Wednesday’s session saw Egyptian investors who represent three quarters of all trades become net sellers to the tune of LE28 million while non-Arab foreign investors were net buyers to the tune of LE22 million.

With the exception of Eastern Tobacco, which gained 0.02 percent to LE190.16 per share, all EGX30 stocks declined.

Market bellwether, Commercial International bank (CIB), dropped 2.83 percent to LE44 per share and Egypt's leading investment bank, EFG-Hermes, dipped 5.04 percent to LE14.7 per share.

The index’s biggest decliners were Sidi Kerir Petrochemicals falling 8.5 percent to LE13.77 per share and real estate developer Palm Hills Development Company which fell 7.67 percent to LE3.29 per share.

Real estate leading stock, Talaat Moustafa Group (TMG), fell 6.53 percent to LE8.8 per share and Six of October Development and Investment Company (SODIC) fell 3.81 per share.

The markets second biggest cap, state-run Telecom Egypt, lead the telecommunications losses, dipping 6.71 percent to LE11.01 per share while Global Telecom Holding dropped 6.57 percent to LE3.17 per share.

Broader index, EGX70, declined 4.09 percent.

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