EGX sees collective decline Wednesday, loses 4.2B EGP
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Stock Exchange (EGX) indexes ended on a collective decline Wednesday for the second day respectively, losing 4.2 Bbillion EGP ($600 million) in capital caused by the Egyptian and foreign investors’ intensive sales, meanwhile Arab investors mostly purchased.

The benchmark EGX30 index edged down by 1.05 percent, totaling 8,081 points, the small and mid-cap EGX70 went down by 0.95percent hitting 577 points and the broader EGX100 fell by 0.8 percent to a total of 1,016 points.

Intensive sales by investors have caused the market to lose4.2 billion EGPto reach a market capital of 472.3 billion EGP,compared to 476.5billion EGP the previous day.

Wednesday transactions saw Egyptian and foreign investors’ net sales being upped to 382.9 million EGP and 34.4 million EGP respectively, while the Arab Investors’ net purchases valued at 417.3 million EGP.

Ahmed Abdel Hamid, Managing Director of Watheeqa Securities Brokerage Co., told Mubasher that Wednesday’s explosions raised investors’ fears, contributing to the loss.

Abdel Hamid said that EGX30 recovered from part of its morning loss to end at 8,081 points: a 1.05 percent decline that followed a 1.5 percent decline in the morning session.

For the Thursday session, Abdel Hamid expected that EGX30 would head foran 8,250 point resistance level,noting thatEgyptian institutions entered as purchasing powers by the end ofWednesday’ssession, making use of the harsh decline of shares.

Six bombs exploded Wednesday in different areas in the great Cairo region, causing a number of injures.

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