By: Heba El Kordy
Cairo – Mubasher: The Egyptian Exchange’s (EGX) real estate sector suffered a sharp decline of 26.6% during the third quarter of 2018 but made up 13% of the bourse’s turnover during the period.
Turnover on the real estate sector was EGP 9.5 billion, generated through the exchange of 2.5 billion shares.
The EGX as a whole logged EGP 75.1 billion in turnover in Q3-18 after 12 billion shares changed hands.
Three of the sector’s stocks were among the top 10 most actively-traded during the three-month period, as Amer Group came in fourth with 812.8 million shares traded, while Porto Group ranked fifth with 788.4 million shares and Palm Hills came in at ninth with 423.4 million shares and a turnover of EGP 1.43 billion.
As for companies’ overall performance within the sector, Porto Group was the biggest loser, sliding 47% in Q3-18, while Amer Group retreated 40.6%, Talaat Mostafa Group (TMG) decreased 3.5%.
EGX-listed real estate companies logged EGP 14 billion in revenues in the second half of 2018, whereas their profits had reached EGP 4 billion, up from EGP 3.2 billion in H1-17, data compiled by Mubasher showed previously.
Real estate analysts forecast a slowdown in the Egyptian property sector in the coming period, citing a decline in buyers and increased production and development costs.
Translated by: Nada Adel Sobhi
