EGX shrugs off Emaar Misr debut, benchmark dips 1.16%
The Egyptian stock exchange - AFP/Khaled Desouki

CAIRO: The Egyptian Exchange (EGX) shut on a negative note Sunday, losing early gains driven by investors’ appetite for Emaar Misr debut on the EGX.

Emaar Misr, the subsidiary of the UAE’s Dubai-based developer Emaar Properties, started trading at an opening price of 3.8 EGP/share and went up more than five percent at open.

Meanwhile, the stock lost morning gains to close 2.4 percent below offer price at 3.71 EGP amid an investor selling spree.

The benchmark index EGX30 slipped 1.16 percent to end at 8,218 points, down from 8,315 points on Thursday.

The market bellwether, CIB, fell by 1.47 percent to close at 55.49 EGP per share, compared to 56.32 EGP per share on Thursday.

Further, the small and mid-cap index EGX70 retreated went down 0.85 percent to end at 438.51 points, compared to 442.2 points in its last session. The broader index EGX100 also fell by 0.84 percent to close at 928.68 points.

Market capitalization gained around 12.1 billion EGP ($157.22 million,) totaling 496.1 billion EGP, up from 484 billion EGP Thursday.

Egypt’s market rode a sharp downward wave since last week, over the assassination of Attorney General Hisham Barakat in a car bombing Monday, followed by wide-scale militant attacks in Egypt’s restive North Sinai on Wednesday.

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