Egypt Equity Watch | 2nd July 2015: Egyptian equity continue downward, market cap down EGP 1.2 billion

Cairo, Egypt (Capital Markets in Africa):- Egyptian equity markets continued its downward trend losing EGP 1.19 billion in market capitalization, confirming a weakening market which ended at EGP 483.980 billion; relative to EGP 485.175 billion recorded at yesterday’s trading session.

The benchmark index EGX30 dropped 0.68 percent to end the day at 8314.72 points or 56.81 points from the previous days value of 8,371.53 points (with the resultant year-to-date performance of -6.8544 percent). Likewise, EGX70, which measures small and mid-cap index, plunged by  -0.55 percent or 2.43 points to settle at 442.26 points (-21.78 percent year-to-date return). The broader index EGX100 slumped by 0.56- percent or 5.24 points to 936.54 points (-14.11 percent year to date performance) and the EGX20 capped index went down by -0.95 percent or 81.05 points to close at 8,462.58 points (-15.6332 percent year-to-date return).

From a market activity viewpoint, today’s turnover was recorded at EGP 483.980  million exchanged in 174.506 million traded securities. The Amer Group Holding was the most active in terms of turnover with EGP 5.809 million. In terms of investor type, National and Arab investors were net sellers of shares worth EGP 1.5 million and EGP 25.8  million, respectively, while foreigners recorded a buy/sell difference of EGP 68.5 million With regards to price movers and shakers, in today’s market price gainers and losers, there were 34 price gainers and 188 price losers leaving the market breadth weighted towards the negative.

The price movers were led once again by North Africa Company for Real Estate Investment advancing a further 9.64 percent to add to the 9.93 percent gained yesterday to close the trading sessions at EGP 1.82. Engineering Industries (ICON) followed suit growing by 5.53 percent with closing price of EGP 7.83. Making up the final 3 highest gainers in the Top 5 were  Giza General Contracting edging forward by 4.28 percent to conclude at EGP 3.90, Acrow Misr which gained 3.47 percent to settle at EGP 36.12 and Sues Canal Company For Technology Settling surging to a closing price of EGP 13.44 an increase of 3.31 percent.

On the other side, Wadi Kom Ombo Land Reclamation led the losers falling -9.99 percent to end at EGP 7.48,  El Obour Real Estate Investment plummeted by -9.07 percent to trade at EGP 3.91 and El Nasr For Manufacturing Agricultural Crops tumbled by  -7.97 percent to end with a closing price of EGP 8.77. In the same vein, El Nasr Transformers (El Maco)  and Arab Valves Company  fell by -6.13 percent and -5.61 percent to trade at EGP 5.21 and EGP 1.01 respectively.

On a final note, most of the sector indices ended in the red region today with only three sectors edging into positive territory. On the losers’ table, Banks sector index were down -0.26 percent or 9.6 points to close at 3,717.46 points, Industrial Goods & Services sector index (declined by -0.19 percent) and Travel & Leisure (fell by -1.10 percent). In addition, Real Estate plunged -1.70 percent and Personal and Household Products fell 0.55 percent respectively. Equally, Basic Resources (dropped by -1.80 percent) and Food & Beverages sector index (slipped by 1.48 percent). Likewise, Financial Services excluding Banks shrunk by -0.96 percent, Travel and Leisure decreased by -1.10 percent and Industrial Goods and Services and Automobiles plunged by -0.19 percent. On the gainers’ region were Chemicals and Construction & Materials (which gained by 3.13 percent) and Personal & Household Products (increased by 0.14 percent).