Egyptians pull EGX down, following the decline of U.S. stocks

CAIRO – 8 February 2018: The Egyptian Exchange (EGX) returned to the red zone in Thursday’s trading session amid Egyptian selling, affected by the decline of the U.S. stocks.


The benchmark EGX30 decreased 0.77 percent, or 115.76points, to end at 14,921.29 points.


The small and mid-cap index EGX70 fell 0.66 percent, or 5.62 points, to end at 848.49 points, and the broader index EGX100 leveled off 0.61 percent, or 12.42 points to 2,025.92 points.


The equally weighted index EGX50 slipped 6.16 points, or 0.20 percent, closing 2,647.76 points.


Market capitalization lost LE 1.27 billion ($22.39 million), recording LE 852.5 billion, compared to LE 853.76 billion in Wednesday’s session.


Egyptian investors were net sellers at LE 79.5 million, while Arab and foreign investors were net buyers at LE 49.68 million and LE 29.8 million, respectively.


Egyptian and Arab individuals were net sellers at LE 55.12 million and LE 5.1 million respectively, while foreign individuals were net buyers at LE 59,558.


Egyptian organizations sold at LE 24.38 million, while Arab and foreign organizations bought at LE 54.79 million and LE 29.75 million respectively.


National Company for Housing for Professional Syndicates (NHPS), Modern Waterproofing (WATP) and Northern Upper Egypt Development and Agricultural Production (NEDA) were top gainers of the session with 9.94 percent, 9.59 percent and 8.32 percent respectively.


Modern Shorouk Printing and Packaging (SMPP), Alexandria Flour Mills (AFMC) and Alexandria National Company for Financial Investment (ANFI) were top losers of the session with 9.99 percent, 9.97 percent, and 6.44 percent respectively.


The Egyptian Exchange (EGX) ended Wednesday in green, recovering some of the losses made in Tuesday’s session, amid Arab and foreign purchases as the benchmark EGX30 rose 2.17 percent, or 319.07 points, to end at 15,037.05 points.


U.S. stocks decreased on Wednesday, with the S&P 500 ending down 0.50 percent and the Nasdaq Composite losing 0.9 percent.