Cairo - Mubasher: The Egyptian Exchange (EGX) ended the first trading session of the week at the red zone, dragged down by the selling activity of Egyptian institutions, as the market cap lost around EGP 1 billion of its value.
The benchmark index EGX30 lost 0.85% or 72.7 points, closing at the level of 8,432.4 points, EGX70 also went down by 0.57% to 343.9 points.
Similarly, the broader index EGX100 declined 0.33% to 8,007 points, while the equal-weighted index EGX50 shed 0.93% to the level of 1,324 points.
Commercial International Bank (CIB), the stock with the highest weight in the main index, closed at EGP 51.9, losing 2.57%.
The telecom sector rose 1.46%, after it was reported that all the mobile services providers have officially signed an agreement with to obtain fourth-generation (4G) network licenses.
Institutions were net buyers at EGP 51.3 million, while individuals leaned towards selling.
Buying also dominated the Egyptian investors’ activity as they netted EGP 44.9 million, while foreign and Arab investors were net sellers with EGP 40.8 million, and EGP 4.1 million respectively.
Total traded volume reached 177 million shares, with a turnover of EGP 568.5 million.
Cairo Development and Investment led the session’s gainers and surged 12.32%, followed by Orange Egypt, and Belton Financial Holding which gained 9.99% and 9.96% respectively.
On the other hand, National Cement was today’s biggest loser as it dropped 6.48%, followed by North Africa for Real Estate Investment, Egyptian Satellites (NileSat), and Torah Cement with 6.19%, 6.18%, and 5.7% respectively.
The market capital decreased by EGP 1.01 billion, closing at EGP 419.5 billion.
