Cairo – Mubasher: EGX indices collectively reversed yesterday’s gains by ending Wednesday’s trading session in the negative zone due to selling pressures from national and Arab institutions.
The benchmark lost 82.4 points, or 1.09%, to settle at 7,485 points as most blue-chip stocks saw a decline on Wednesday.
CIB, the most heavy weight stock on EGX, fell by 3.2% to EGP38.5 per share.
Likewise, the small and mid-cap EGX70 fell 0.87% to 366.8 points. The broader index EGX100 moved down 0.99% to 789.5 points. The equal-weighted index EGX50 edged down 0.79% to 1,412 points.
This reversal trend is ascribed to the sale orientation of Arab and national institutions for having liquidity by the end of the month, said Hanan Ramses, CEO of Cairo Securities. She anticipated national institutions to keep the sale trend on Thursday, but the equity market is likely to recover and to rise at close.
Trading value reached EGP798.05 million. In addition, the bourse saw 26 go up, 120 go down, and 27 stay at their previous levels.
Arab investors were net sellers by EGP37.2 million, while nationals and foreign investors were net buyers EGP23.3 million and EGP13.8 million.
The top losers were Memphis Pharmaceuticals, Oriental Weavers, National Cement, El Arabia for Land Reclamation, and National Bank Of Kuwait- Egypt with a fall ranging from 4.5% to 8%.
Meanwhile, the top gainers were led by El Orouba Securities Brokerage, Minapharm Pharmaceuticals, Telecom Egypt, Medical Packaging Company, Egyptian Arabian Themar Securities Brokerage. Their rise ranged between 5% and 8% at close.
Market capitalization lost EGP2.7 billion, finishing the session at EGP406.3 billion against EGP409 billion on Tuesday.
