Egypt Market Watch | June 9th 2015: Egyptian equity market deepens further today and give up EGP 402 million

Cairo, Egypt (Capital Markets in Africa):- The Egyptian Exchange (EGX) indices closed Tuesday on a negative note, with the market capitalisation losing nearly EGP 402 million to close at EGP 492.076 billion (against EGP 492.076 billion recorded yesterday), pressured by institutional Arab and foreign investor selling as a result of  aniticipated MSCI market classification review expected later today.

The benchmark index EGX30 fell by 0.13 percent or 11.40 points to end the day at 8,660.93 points (-2.98 percent year-to-date performance). Equally, the small and mid-cap index EGX70 dropped 0.71 percent or 3.24 points to settle at 452.84 points (-19.91 percent year-to-date return). Also, the broader index EGX100 plummeted by 0.46 percent or 4.45 points to 961.49 points (-11.83 percent year to date performance) and the EGX20 capped index declined by 0.51 percent to close at 8,901.55 points (-11.26 percent year-to-date).

From market activity perspective, today turnover amounted to EGP 429.185 million, generated from exchanging 140.335 million shares. In term of investor type, Egyptian investor was net buyer of EGP 18.341 million, while Arab and foreign investor were net sellers of shares worth EGP 12.684 million and EGP 5.657 million. On the other hand, retail investors (accounted for nearly 57 percent of the total value) were net sellers and institutional investors were net buyers (accounted for about 43 percent of the total value).

The market sentiment was negative today (measured as gainers/losers ratio), out of the 171 securities traded today, 49 gainers, 75 losers and 47 remained unchanged. On the gainers side were El Kahera Investment Egypt advanced by6.42 percent to close the trading sessions at EGP 7.79 and Alexandria National Company surged by 6.34 percent with closing price of EGP 10.23. Likewise, LECICO Egypt rose by 4.36 percent to end at EGP 5.99 and Engineering Industries Egypt advanced by 3.28 percent to trade at EGP 6.61.

On the losers’ table, were Delta Sugar Egypt, Misr National Steel Egypt, Rowad Tourism (Al Rowad) Egypt and EL EZZ Aldekhela Steel fell by 6.27 percent to trade at EGP 10.47, 5.17 percent to end at EGP 9.53, 4.29 percent to settle at EGP 5.80 and 3.82 percent with a closing price of EGP 450.31 respectively.

From the sector perspectives, Banks (gained 0.31% with year-to-date yield of 16.22 percent), Chemicals (advanced by 0.20 percent), Financial Services excluding Banks (surged by 0.60 with -18.01 percent year-to-date return) and Industrial Goods and Services (climbed by 1.18 percent). On the other hand, Basic Resources lost 1.15 percent, Construction & Materials plummeted by 0.97 percent, Food & Beverage went down by 3.25 percent, Telecommunications declined by 0.99 percent and Real Estate sector index plummeted by 0.59 percent.