EGX closes in red, Saleh Kamel's shares keep slipping

CAIRO – 7 November 2017: The Egyptian Exchange (EGX) closed in red Tuesday as all indices kept decreasing for the third day in row at the end of the trading session.

Benchmark EGX30 inched down 0.11 percent to stand at 14,057 points. The small and mid-cap index EGX70 decreased 0.58 percent to end at 771.39 points, while broader index EGX100 also leveled down 0.43 percent to close at 1,744.5 points.

Market capitalization lost LE 500 million Monday to record LE 773.838 billion, down from LE 774.392 billion in the latest session Monday.

The decline could be affected by the shares where Saudi billionaire Sheikh Saleh Kamel owns stakes, such as food and beverage Ismailia Misr Poultry that fell 1.77 percent Tuesday.

Other companies include financial services company Arab Moltaka Investment Company that bended 2.44 percent and Al Baraka Bank Egypt that inched down 0.78 percent.

Arab and foreign individuals as well as foreign institutions were net sellers at LE 20.2 million, LE 1.99 million and LE 18.3 million respectively, while Egyptian individuals and institutions in addition to Arab organizations were net buyers at LE 19.6 million, LE 18.3 million and LE 2.6 million respectively.

Shares of 54 companies recorded increases and 116 companies marked declines, while shares of 20 firms remained unchanged.