Egypt Market Watch | June 11th 2015: Egyptian equity markets further nose-dive by EGP 1.5 billion on thin liquidity

Cairo, Egypt (Capital Markets in Africa):- The Egyptian Exchange (EGX) indices further nose-dive and end the week on a negative note, with the market capitalisation giving away nearly EGP 1.5 billion to close at EGP 489.388 billion (against EGP 490.888 billion recorded yesterday), as it was pressured by selling tendency of retail traders as well as local and Arab institutions.

The benchmark index EGX30 drifted by 0.15 percent or 12.97 points to end the day at 8,626.46 points (-3.36 percent year-to-date performance). Equally, the small and mid-cap index EGX70 plummeted by 0.37 percent or 1.67 points to settle at 448.47 points (-20.69 percent year-to-date return). Also, the broader index EGX100 tumbled by 0.35 percent or 3.30 points to 951.35 points (-12.76 percent year to date performance) and the EGX20 capped index declined by 0.88 percent to close at 8,790.14 points (-11.59 percent year-to-date).

From market activity perspective, today turnover amounted to EGP 310.236 million, generated from exchanging 91.416 million shares. In term of investor type, Egyptian and Arab investors were net sellers by EGP 41 million and EGP 23.9 million, while foreign investors were net buyers by EGP 64.9 million. Also, retail investors were net sellers, while institutions were mostly buyers.

The market sentiment was negative today (measured as gainers/losers ratio), out of the 164 traded securities, 27 gainers, 90 losers and 47 remained unchanged. On the gainers side were Cairo Educational Services Egypt progressed by 4.65 percent to close the trading sessions at EGP 10.80 and Arab Aluminium Egypt surged by 4.18 percent with closing price of EGP 13.71. Likewise, Oriental Weavers Egypt rose by 3.70 percent to end at EGP 10.94 and South Valley Cement Egypt advanced by 2.99 percent to trade at EGP 4.83. On the contrary, Egypt Aluminium, South Cairo & Giza Mile & Bakeries, National Cement Egypt and Golden Pyramids Plaza Egypt plunged by 9.93 percent to trade at EGP 13.51, 9.33 percent to end at EGP 12.15, 6.82 percent to settle at EGP 9.84 and 6.33 percent with a closing price of EGP 1.48 respectively.

From the sector perspectives, Banks (gained 0.85 percent with year-to-date yield of 17.57 percent), Healthcare and Pharmaceuticals (went up by 0.44 percent); Chemicals sector index (surged by 0.21 percent) and Personal and Household Products (climbed by 1.12 percent). On the other hand, Basic Resources lost 1.42 percent, Construction & Materials plummeted by 0.32 percent, Financial Services excluding Banks lost by 1.09 percent, Telecommunications declined by 0.89 percent and Real Estate sector index plummeted by 1.46 percent. Equally, Travel & Leisure plunged by 1.64 percent and Industrial Goods & Services dropped by 0.02 percent.