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Market report: EGX30 hit by regional social woes with third dip in a row

Bulish foreign stock exchanges failed to lift Egypt’s benchmark index EGX 30

Khaled Barakat , Wednesday 19 Jan 2011
Market report
(Photo: Reuters)
Views: 1305
Views: 1305

Egypt’s benchmark index EGX 30 lost 0.7 per cent to stand at 6,645 points, following two days of even bigger losses. Retailers continued their selling rush on Wednesday, in what was a rather active day with total turnover of LE1.3 billion.

The index lost around 7 per cent of its value since the beginning of the year.

"The stock market is still suffering from random sales, and the impact of Tunisian instability on the Arab exchanges is dramatic," said Issa Fathy, managing director of Egyptians Abroad Portfolio Management.

Today, head of the Egyptian Stock Exchange Khaled Serry Siam toured the main trading hall. He urged traders to base their decisions on and benefit from the figures and forecasts, – which point to first quarter growth – “instead of following ineffective individual panic.”

He added that conditions were largely stable and that no turmoil was likely to occur in the local economy or the Exchange.

Apparently, Siam’s efforts reduced some loss compared to yesterday’s 2.4 per cent dip.

Egyptian traders bought more than they sold, by LE112 million. However, Foreign and Arab traders offloaded their equities today, achieving net sales of LE111.3 million and LE722,000, respectively.

Nationals dominated with 51.4 per cent of total trading, while Foreign and Arab investors accounted for 38.4 and 10 per cent, respectively.

Egyptian Satellites Nilesat reached its highest price in nearly eight months, closing at $4.5. The company’s financial statements of showed a 13 per cent rise in profit, after achieving a net gain of $27.85 million during the first nine months of 2010, compared with $24.58 million in 2009.

Most leading stocks closed on a negative note, led by Orascom Construction Industries (OCI), which shed 2.1 per cent to LE 270. Orascom Telecom Holding (OTH) fell 1.4 per cent to LE 4.2, and EFG-Hermes came last, dipping 0.9 per cent to LE31.5.

On the flip side, Alexandria Pharmaceuticals was the top gainer, soaring 9 per cent to LE66.8. It was followed by East Delta Flour Mills, which surged by 4.4 per cent, to LE31.9.

Rakta Paper Manufacturing was the biggest drag on the overall index, plunging 7 per cent to LE 16.6. National Cement came second, falling 6.7 per cent to LE25.2.

EGX70 also sank, down 1.5 per cent to 697 points.

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