EGX continues declining, but steel firms post hikes

CAIRO – 6 December 2017: The Egyptian Exchange (EGX) ended its transactions Wednesday in red for the third day in a row due to profit making.

Benchmark index EGX30 went down 0.80 percent to stand at 14,345 points. The small and mid-cap index EGX70 decreased 0.97 percent to end at 773.4 points and the broader index EGX100 leveled down 0.73 percent to close at 1,816 points.

Market capitalization declined LE 4.3 billion as it recorded LE 793.931 billion, down from LE 798.2 billion at the end of transactions Tuesday.

Affected by a decision, issued by the Ministry of Industry and Foreign Trade on Wednesday, to maintain tariffs on steel rebar from China, Turkey, and Ukraine for five years, the shares of stock market-listed iron and steel companies have recorded hikes.

Shares of the Egyptian Iron and Steel Company increased 0.73 percent to close at LE 9.6, with a total value of LE 70.4 million traded.

Misr National Steel (Ataqa) also closed at 2.42 percent of hikes, with the value of each stake standing at LE 18.18. Ezz Steel went up 1.11 percent as well to close at LE 20.02 per share and a total value of LE 63.1 million traded.

As for the nationalties of transactions, Egyptian, Arab and foreign individuals in addition to foreign institutions were net sellers at LE 8.9 million, LE 6.9 million, LE 3.6 million and LE 92.7 million respectively. Meanwhile, Egyptian and Arab institutions purchased at LE 30.3 million and LE 79.9 million respectively.

Shares of 39 companies recorded increases, while 123 others saw declines, while, shares of 25 firms remained unchanged.