Cairo – Mubasher: EGX mid-week trading session saw a mixed performance amid foreign investors’ selling wave as well as Arab and national investors’ buying appetite.
The benchmark erased Monday’s losses, ending the session 0.41% higher to 7,483.65 points.
GB Auto, Porto Group, and Telecom Egypt were EGX30 top gainers with a rise of 7.7%, 3.57% and 3.25% respectively.
On the negative note, TMG Holding, OTMT and Egyptian Resorts were EGX30 top losers with a slide of 2.9%, 2.8% and 2.4% respectively.
Meanwhile, other indices finished in the red zone starting with the small and mid-cap EGX70 that fell by 0.29% to the mark of 373.83 points.
Likewise, the broader index EGX100 moved down by 0.22% to 783.81 points.
The equal-weighted EGX50 edged down by 0.36% to 1,383.82 points.
Nationals and Arab investors were net buyers by EGP 115.91 million and EGP 114.65 million respectively, while foreigners were net sellers by EGP 230.57 million.
With 221.56 million shares changing hands, the bourse registered a market turnover of EGP 1.57 billion in 23,007 transactions.
Market Capitalization shed EGP 990.28 million to close the session at EGP 400.46 billion against EGP 401.45 billion yesterday.
The top advancers were Nozha International Hospital (+9.11%), Misr Hotels (+5.89%), and Misr Oils & Soap (+5.01%), while the top laggards were Egyptian International Tourism Projects (-5.85%), Egyptian Kuwaiti Holding (-5%), and Qatar National Bank (-4.09%).
Analysts expected Fitch’s “Stable Outlook” for Egypt to create momentum for the Egyptian Exchange, ending so the sideways trend.
The International credit rating agency has affirmed Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) at “B” with a stable outlook.
Ahmed Abdel-Hamid, Managing Director of Watheeqa Securities, said Fitch’s stable outlook may build a positive atmosphere for Cairo bourse today that could push the main index forward to higher levels and end the sideways trend.
Abdel-Hamid expected liquidity levels to edge up and investors to just start throwing their caution to the wind.
Yesterday, the benchmark ended the session 0.44% lower at 7,452.88 points.
Translated by Ahmed Elsayed Ali
