Egypt Market Watch |May 28th 2015: Egypt equity lose EGP 2.5bn and indices fall

Cairo, Egypt (Capital Markets in Africa):-Egyptian equity market closed in negative territory today. The market capitalization lost GBP 2.5 billion to close at EGP 501.110 amid selling pressures from institutions.

The benchmark index EGX30 declined by 0.61 percent or 54.66 points to end the day at 8,912.05 points (-0.162 percent year-to-date performance). Likewise, the small and mid-cap index EGX70 went down by 1.19 percent to settle at 478.14 points (-15.44 percent year-to-date return). Also, the broader index EGX100 lost by 0.83 percent to 1,000.95 points (-8.21 percent year to date performance) and the EGX20 capped index plummeted by 1.23 percent to close at 9,431.54 points (-5.97 percent year-to-date).

From market activity perspective, today turnover amounted to EGP 706.3 million, generated from exchanging 176.3 million shares. Foreign and Arab traders were net sellers by EGP 16.1 million and EGP 6.5 million in a row, while nationals were net buyers by EGP 22.6 million. At the same time, institutions headed for selling, while retail traders were mostly buyers.

The market sentiment was negative today (measured as gainers/losers ratio), out of the 173 securities traded today, 24 gainers, 127 losers and 22 remained unchanged. On the gainers side were El Ezz Aldekhela Steel Egypt advanced by 6.70 percent to close the trading sessions at EGP 463.79 and El Obour Real Estate Development surged by 6.44 percent with closing price of EGP 4.03. Similarly, Nasr Company for Civil Works Egypt rose by 5.59 percent to end at EGP 21.36 and Arab Pharmaceuticals Egypt advanced by 5.55 percent to trade at EGP 8.94. On the losers’ side, were Bisco Misr, Cairo Poultry, Universal for Paper Egypt, Misr Hotels and East Delta Flour Mill fell by 10.00 percent to trade at EGP 79.33, 6.15 percent to end at EGP 6.10, 5.08 percent to settle at EGP 7.48, 5.08 percent with a closing price of EGP 18.30 and 5.06 percent to close at EGP 39.40 respectively.

From the sector perspectives, all the sector indices closed in red apart from the Banks and Chemicals sector indices which surged by 0.57 percent and 2.64 percent, respectively. While Travel & Leisure went down by 3.00 percent, Telecommunication declined by 2.72 percent, Basic Resources declined by 2.35 percent and Industrial Goods & Services sector index plummeted by 1.83 percent.