Cairo – Mubasher: EGX indices were dragged lower by the end of Wednesday’s trading session due to a broad-based selling wave.
The benchmark edged down by 0.29%, or 23.24 points, to 7,863.58 points against 7,886.82 points yesterday.
Accordingly, EGX30 has registered today the highest price level since August 2015, but failed, however, to steady above 7,993 points thanks to a huge wave of profit-taking on blue-chip stocks in particular, said Ehab Said, managing director-branches at Osool Securities.
The heaviest stock on EGX30, CIB, led trading values with EGP190.3 million, thus falling by 2.11% to EGP44.15 after 4.2 million shares were traded over 1,453 transactions.
“Only two out of the EGX30 constituents ended the session in the positive territory: Edita and Elsewedy Electric as each surged 3.4% and 2.6%, respectively”, according to daily Market Commentary by Pharos Research.
Market capitalization lost around EGP1.5 billion to settle at EGP414.7 billion against EGP416.2 billion on Tuesday.
Nationals and Arab investors were net sellers by EGP100.1 million and EGP1.6 million respectively, while foreign investors were net buyers by EGP101.8 million.
With 301.8 million shares changing hands, trading value reached EGP838.2 million.
On the negative note as well, the small and mid-cap index closed 1.3% lower to 372.66 points. Likewise, the broader index EGX100 went down by 1.46% to 789.09 points. The equal-weighted EGX50 fell 1.11% to 1,459.24 points.
On the negative note, the small and mid-cap index closed 1.3% lower to 372.66 points. Likewise, the broader index EGX100 went down by 1.46% to 789.09 points. The equal-weighted EGX50 fell 1.11% to 1,459.24 points.
The top gainers were Orange-Egypt (+9.12%), El Nasr For Manufacturing Agricultural Crops (+8.25%), Saudi Egyptian Investment & Finance(+7.44%) , and Medical Packaging Company (+5.38%).
On the flip side, the laggards were Mansourah Poultry, Acrow Misr, Ismailia National Food Industries, and Reacap Financial Investments with a decline of 9.45%, 8.77%, 5.80, and 5.56% respectively.
Translated by Ahmed El-Sayed Ali
