Egypt Equity Watch | 16 Aug 2015 : Blood on the Egyptian Exchange trading floor, equity investors lose US$1.4 billion

Cairo, Egypt (Capital Markets in Africa):- The Bear continued to torment the Egyptian Exchange traders at the end of today’s trading session. The market capitalization ended at EGP 474.2 billion after losing EGP 10.6 billion (US$1.36 billion); relative to EGP 484.9 billion recorded at previous day trading session.

The benchmark index EGX30 sagged by 3.22 percent or 254.06 points to end 7,625.76 points hit its lowest level since 13 July 2015. The equal-weighted indexes EGX50 also slide 3.34 percent or 46.51 points to settle at 1,345.22 points.

EGX70, which measures small and mid-cap index, plunged by 2.86 percent or 12.61 points to settle at 428.61 points (-24.20 percent year-to-date return).

The broader index EGX100 slumped by 0.49 percent or 4.52 points to 921.35 points (-17.37 percent year to date performance) and the EGX20 capped index went down by 3.48 percent or 272.25 points to close at 7,817.75 points (-24.78 percent year-to-date return).

From market activity viewpoint, today turnover was recorded at EGP 349.508 million exchanged in 189.852 million traded securities in 18,196 deals.  In term of investor type, Arab and foreign investors stepped in as net buyers with EGP 7.8 million and EGP 811,000 respectively while local investors came out as net buyers with EGP 8.6 million.

With regard to price movers and shakers, market price gainers and losers, there were 11 price gainers and 136 price losers which bring the market breath ended at negative. The price movers were Misr Conditioning (Miraco) gained 9.75 percent to close the trading sessions at EGP 75.98 and Naeem Holdings grew by 5.26 percent with closing price of EGP 0.40. Equally, Rakta Paper Manufacturing edged up by 2.81 percent to conclude at EGP 4.02, Assiut Islamic Trading gained 1.97 percent to settle at EGP 5.68 and Lecico Egypt ended at EGP 1.08 after adding 5.60 percent.

Rights Issue Of Belton Financial Holding Company plunged by 13.59 percent to end at EGP 0.89, Egyptian Real Estate Group plummeted by 9.98 percent to trade at EGP 10.28 and Golden Coast Company tumbled by 7.64 percent with closing price of EGP 12.46. Equally, Middle Egypt Flour Mill and GMC Group sagged by 7.60 percent and 7.59 percent to trade at EGP 15.43 and EGP 1.46 respectively.

On the final note, all the sector indices ended in red region today. Healthcare & Pharmaceutical lost by 2.56 percent and Chemical sagged by 2.19 percent. Banks sector index declined by 2.66 percent or 95.04 points to close at 3,479.09 points, Basic resources sector index tumbled by 3.56 percent and Food & Beverages fell by 5.88 percent. Still in the red region, Construction & Materials plunged 1.17 percent and Industrial Goods & Services dropped by 2.09 percent. Equally, Travel & Leisure sector index somersaulted by 1.26 percent and Financial Services excluding Banks sagged by 3.16 percent. Telecommunications decreased by 2.95 percent and Real Estate plunged by 4.27 percent.