EGX ends Tuesday in red for 3rd session in row, market cap. loses LE15.36B

CAIRO – 17 March 2020: The Egyptian Exchange (EGX) continued its rough losses for the third session in row, losing around LE 15.36 billion of market capitalization, amid Arab and foreign selling.

The benchmark EGX 30 lessened 2.41 percent, or 227.29 points, to close at 9,201.65 points.

The equally weighted index EGX 50 dipped 5.46 percent, or 72.56 points, to end at 1,255.52 points.

The small and mid-cap index EGX 70 decreased 5.75 percent, or 54.53 points, to close at 894.05 points, and the broader index EGX 100 declined 4.60 percent, or 47.04 points to 976.68 points.

Market capitalization lost LE 15.36 billion, recording LE 512.47 billion, compared to LE 527.83 billion in Monday’s session.

The trading volume reached 200.58 million shares, traded through 19,980 transactions, with a turnover of LE 552.24 million.

Egyptian investors were net buyers at LE 54.71 million, while Arab and foreign investors were net sellers at LE 34.43 million, and LE 20.27 million, respectively.

Arab and foreign individuals were net sellers at LE 4.28 million, and LE 87,740, respectively, while Egyptian individuals were net buyers at LE 3.97 million.

Arab and foreign organizations sold at LE 30.15 million, and LE 20.18 million, respectively, while Egyptian organizations bought at LE 50.74 million.

Obour Land For Food Industries, International Co For Investment & Development, and ODIN Investments were top gainers of the session at 6.67 percent, 5.57 percent and 4.68 percent, respectively.

Meanwhile, Ismailia Misr Poultry, Remco for Touristic Villages Construction, and El Obour Real Estate Investment were top losers of the session by 10 percent each.

During the mid-session of Tuesday, EGX continued its losses, losing more than LE 12 billion of market capitalization, unlike expectations, after cutting 3 percent of interest rates on Monday.

On Monday’s session, EGX flagged in red for the second session in row, as EGX 30 lessened 7.09 percent, EGX 50 dipped 6.82 percent, EGX 70 decreased 6.58 percent, and EGX 100 declined 6.05 percent.