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EGX sheds EGP 7bn

The market registers its largest drop since the beginning of 2015


On the Nile stock exchange, the Mediterranean Company and Pioneers Holding ranked joint highest in total amounts of stock traded. (AFP Photo)
The Egyptian capital market registered its largest loss since the beginning of 2015, shedding more than EGP 7bn.
(AFP Photo)

The Egyptian capital market registered its largest loss since the beginning of 2015, shedding more than EGP 7bn.

Compared to the previous day, the benchmark index EGX-30 declined by 3.19%, recording 8607.66 points, while the broader index EGX-100 dropped by 2.78% to register 997.22 points.

EGX-70, which encompasses small- and medium-sized enterprises, reached 489.93 points with a 3.15% decline compared to the preceding day.

The trading day ended with 139 decliners, 10 gainers and 21 unchanged.

CEO of Catalyst Partners Finance and Stock Ali Al-Taheri said that this is a normal fluctuation in the stock market.

“People buy on anticipation and sell on the new so this is a normal correction in the market,” he said.

Following the 2011 uprising, the Egyptian capital market suffered some fluctuations that reflected the political and economic challenges that met the country.

In February 2015, the Egyptian exchange’s benchmark index EGX-30 climbed up to 10,055.14 points, a six-year high.

During the first quarter (Q1) of 2015, the total value of stocks traded registered EGP 79.8bn, compared to EGP 64.9bn the preceding quarter. The total volume traded were 8.39bn securities, compared to 12.9bn last quarter.

The volume of stocks traded in January was 2.88bn with a total value of EGP 21.7bn. The following month, the volume of traded stocks declined to 2.72bn. However the value of stocks traded increased to EGP 33.87bn. During March, the volume of stocks traded registered 2.78bn, with a total value of EGP 24.19bn.

The collective capital of the companies listed in the stock market through the first quarter of 2015 has reached EGP 2bn. This figure equates the capital of the companies listed during 2013 and 2014, and two thirds of the total capital listed between 2011 and 2014, the EGX chairman explained.

 

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