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Stock markets losses EGP 9.4bn - Daily News Egypt

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Stock markets losses EGP 9.4bn

Trading on Orascom Hotels and Development stocks started during Tuesday’s session

The EGX’s weekly stock market summary showed that the total value of shares for companies listed dropped EGP 5.491bn last week, from EGP 380.950bn to EGP 386.441bn.(File Photo) (AFP Photo / Mahmoud Khaled)
Stock markets losses EGP 9.4bn
(AFP File Photo / Mahmoud Khaled)

Egyptian Exchange (EGX) suffered a notable loss on Tuesday’s trading session, shedding some EGP 9.4bn, and with all the market indexes dropping.

The benchmark index EGX-30 declined by 2.35% while the broader index EGX-100 inched down by 1.21%. Small and medium enterprises index EGX-70 fell by 1.73%.

The trading day closed with 140 decliners, 25 gainers and 12 unchanged. Foreign and Egyptian investors were more inclined to buy stocks while Arab investors sought to sell. Institutions also targeted selling stocks while individuals sold theirs.

In the first trading session this week, Orascom Hotels and Development (OHD) offered 33m stocks in the Egyptian stock market at the value of EGP 506m. The offering was oversubscribed four times and the official trading on the stocks started 6 January.

EGX has previously stated that during the first trading sessions the OHD stocks will not be restricted by price limits or pausing mechanism.

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