EGX shed 4B EGP in a week, benchmark dips 2%
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) lost ground and equities lost around 4 billion EGP ($524.88 million,) coupled with thin liquidity during the first week of Ramadan.

Market capitalization declined to 486.1 billion EGP, down from 490.1 billion EGP a week earlier.

The benchmark index EGX30 slipped 1.99 percent to end the week at 8,406 points, compared to 8,577 points a week earlier.

Meanwhile, the small and mid-cap index EGX70 dropped 2.28 percent to close the week at 447 points, down from 457.1 in the previous week.

The broader index EGX100 also retreated 1.94 percent to close at 944 points, compared to 963 points in the previous week.

Total turnover amounted to 2.8 billion EGP, with 428 million securities traded over 60,000 transactions, compared to 2.1 billion EGP and 509 million securities traded over 69,000 transactions a week earlier.

On Thursday, the initial public offering of Egyptian real estate developer Emaar Misr on the EGX closed, and traders said it was oversubscribed by about 36 times, Reuters reported.

The stock will debut on the EGX under the symbol “EMFD.CA” starting July 2.


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