Egyptian Exchange EGX 30 Price Index Falls 2.5%; COMI EC Leads

CAIRO (Capital Markets in Africa) – The Egyptian Exchange EGX 30 Price Index fell 2.5 percent to 14,583.85. The move was the biggest since falling 2.7 percent on October 16 and follows the previous session’s increase of 0.6 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 2.9 percent.

Commercial International Bank Egypt SAE contributed the most to the decline, falling 2.8 percent. Pioneers Holding for Financial Investments SAE decreased 7.4 percent, the biggest loss. The biggest movers also included: Abou Kir Fertilizers & Chemical Industries, down 6.7 percent; Global Telecom, down 2.5 percent; Egyptian Chemical Industries Kima, down 2.3 percent; and Orascom Construction, down 0.7 percent.

In the past year, the index had a similar or greater loss two times and was little changed the next day. The Index drops below 50-day moving average.

In parallel, 26 of 30 shares fell, while none rose. The Egyptian Exchange EGX 30 Price Index is down 2.9 percent so far this year. The index is 5.7 percent below its 52-week high of 15,472.43 reached on Jan. 21 and 23 percent above its 52-week low of 11,844.5 on February. 28, 2017. Market breadth for the EGX 100 Index weakened as the number of companies that fell exceeded advancing shares by 90 to 3.

The Egypt EGX 100 fell 2 percent to 2,010.22. The move was the biggest since falling 2.5 percent on Feb. 23 and follows the previous session’s increase of 0.5 percent.

Bloomberg’s market breadth function helps you analyze the main stock indexes around the world, highlighting when an unusual percentage of index members breach technical levels ranging from 52 week high/low to MACD trends. Whenever a value is highlighted in green or red, you’re getting a signal that breadth is very strong or weak.

MACRO: The Egyptian Pound appreciated 0.3 percent to 17.6385 against the U.S. dollar. Credit default swaps were unchanged at 264.60.

Source: Bloomberg Business News