EGX plunges despite Edita’s 16% hike on first day
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) extended its losing streak Thursday, as the benchmark index EGX30 plunged 2.28 percent hurt by selling pressures, led by local institutions.

The benchmark dropped to 8,891 points at close, compared to 9,099 points Wednesday. Also, the small and mid-cap index EGX70 slipped 1.8 percent to end at 505.8 points, down from 515.15 points in its last session. The broader index EGX100 lost 1.65 percent, recording 1,025 points.

Egypt’s market was unaffected by the commencement of trading on leading snack manufacturer Edita Food Industries Thursday at an opening price of 18.5 EGP/share under the symbol “EFID.CA.” Meanwhile, Edita stock jumped 16 percent on the first day to hit 21.6 EGP.

The public tranche of Edita’s secondary share issue on the EGX was 4.5 times oversubscribed, and its private placement was also 13.4 times oversubscribed.

Edita’s market capitalization is estimated at 6.7 billion EGP ($891 million) of which 30 percent is free floated on the EGX and London Stock Exchange.

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