Cairo – Mubasher: The Egyptian Exchange finished Sunday’s trading session on a mixed note, although analysts expected the bourse to give a better performance than last week’s after Egypt’s institutional liquidity ratios have been flourished on King Salman’s visit
The benchmark fell 75 points, or 1%, to close at 7,403.7 points affected by the downturn of blue-chip stocks.
Most EGX blue-chip stocks, including CIB, Pioneers, SODIC, Talaat Moustafa Group, Global Telecom, Ezz Steal, Amer Group, and Porto Group, saw a decline ranging from 2.2% to 5.7% at close.
The total market value also shed EGP304 million ($34.2 million) to settle at EGP403 billion against EGP403.3 billion on Thursday.
Arab investors were net buyers by EGP19 million, while nationals and foreign investors were net sellers by EGP10.3 million and EGP8.7 million respectively.
On the flip side, the small and mid-cap index EGX70 rose by 0.57% to 362.7 points. Likewise, the broader index EGX100 inched up 0.01% to 776.9 points. The equal-weighted index increased by 0.39% to 1,409 points.
The top gainers were Egyptian Iron & Steel, Belton Financial Holding, Egyptian Media Production City, Al-Arafa For Investment And Consultancies with a rise ranging from 7.7% to 12.2%.
The top losers were Egypt Aluminum, Samad Misr, El Nasr Transformers, ADIB, and National company for maize products with a decline ranging from 3.5% to 5.2%.
Hanan Ramses, CEO of Cairo Securities, said the benchmark had ended the session lower against all high expectations and momentums after Egypt and Saudi Arabia signed $25 billion agreements on the margin of King Salman’s visit to Egypt.
Institutions, the national ones in particular, tended, however, to sell their stocks, while Arab and national individuals were net buyers, the analyst added.
She anticipated the process of sale to impose pressure on Cairo bourse in early trade, but the indices are likely to give a steady performance and rise in the second half of the session.
