Local sell-offs weigh on EGX, benchmark slips 1%

CAIRO – 19 April 2017: The Egyptian Exchange (EGX) lost ground Wednesday, hurt by selling pressures from local traders.

The benchmark index (EGX30) dropped 1.01 percent to end at 12,895 points. CIB, the index heaviest constituent ended 1 percent down.

Juhayna 2.5 percent up, Oriental Weavers 0.8 percent up, and GB Auto 0.4 percent up, were the EGX30’s top performers Wednesday. In turn, TMG Holding, ACC and Orascom Telecom Media and Technology were the biggest losers, with the first ending 4.3 percent down, while the other two stocks each lost 4.1 percent.

The small and mid-cap enterprises EGX70 index declined 0.7 percent, registering 589 points, and the all-embracing EGX100 also decreased 0.7 percent, totaling 1,362 points.

Market capitalization lost EGP1.2 billion, totaling nearly EGP663.7 billion ($36.62 billion). Total turnover registered EGP732 million, and local investors were the sole net sellers.