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Egypt's stocks close down on Wednesday amid Arab, foreign selling

Ahram Online , Wednesday 20 Jul 2016
Traders work at the Egyptian stock exchange in Cairo August 18, 2013 (Reuters)
Traders work at the Egyptian stock exchange in Cairo August 18, 2013 (Reuters)

Egypt’s stocks declined amid a wave of selling by foreign and Arab investors, driving down almost all blue chip shares during Wednesday’s trading.

The benchmark index EGX30 declined 1.23 percent to register 7,503 points in a session that saw a daily turnover for listed securities worth some EGP 511.5 million.

Out of 163 shares listed, 26 gained and 105 tumbled, led by the heavyweight stock Commercial International Bank, which fell 0.60 percent to close at EGP 42.77 per share.


Ezz Steel, the day's most traded share, dipped 1.82 percent to register a price of EGP 8.11 per share.

The leading steel producer posted a net loss after tax and minority interest worth EGP 137 million for the first quarter in 2016 compared to net loss of EGP 136 million in the same period last year, the company announced on its official website on Wednesday.

“As expected, Ezz Steel registered a negative result in the first quarter of 2016 in line with the ongoing weakness of international steel markets and with the erratic volatility of the Egyptian financial environment,” Paul Chekaiban, chairman of Ezz Steel, was quoted as saying in the statement.

The company’s loss came despite a four percent growth in sales -- which reached EGP 4.9 billion -- from January to March compared to same period in 2015.

Only Credit Agricole Egypt and ElSwedy Electric ended the trading session on positive note, climbing 1.03 percent (to EGP 22.63 per share) and 1.80 percent (to EGP 42.95 per share) respectively.

Six of October Development & Investment, the country’s third largest property developer, plunged 2.63 percent to close at EGP 12.58 per share.

The broader index EGX70 shed 0.43 percent.

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