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Stock rolls downhill

EGX 30 experiences collective decline of stock market indicators as trading closes on Sunday, reaching 4915.96 points

EGX30 plummeted more than nine per cent on Sunday, 25 November. (DNE/ Mohamed Omar)
Egypt’s stock exchange closed Sunday with a collective decline in trading.
(DNE File / Mohamed Omar)

By: Shaima Youssef

Egypt’s stock exchange closed Sunday with a collective decline in trading. The decline came amid mounting political uncertainty as opposition groups continue to call for a nationwide protest on 30 June against President Mohamed Morsi and the Muslim Brotherhood.

Primary indicators for the EGX 30 experienced a 2.87% decrease, stabilising at 4,915.96 points, reaching its lowest levels in about two months.

The total amount of stock trading seen on Sunday reached EGP 3.988bn. The total amount of stocks actually traded on the market only reached EGP 284.779m, with over-the-counter (OTC) market trading totalling EGP 3.691bn 152 million securities traded in 16,055 separate transactions.

Trading done by individuals totalled 70.46% of all deals on Sunday, compared to 29.53% done by companies and various financial institutions. Deals done by Egyptian investors totalled 69.48% of all trading, compared to 16.75% done by other Arabs, and 13.78% by foreigners.

Net bearish trends of Arabs and other foreigners totalled EGP 53.787m and EGP 10.248m respectively, while net bullish trends done by Egyptian investors totalled EGP 64.036m.

Trade in shares of the Tala’at Moustafa Holding Group ended the day higher than any other company listed on the exchange, totalling EGP 50.079m, a 0.25% decrease and closing at EGP 4.02 per share. The financial holding group Hermes placed second, experiencing EGP 39.262 in total trading, a 2.25% decrease and closing at EGP 7.82 per share.

Downward trends dominated the performance of most market sectors on Sunday, whose contribution to the market capital of Egypt’s building and construction sectors was recorded at 22.35%, followed by the country’s communications sector at 19.13%, and banking sector at 14.63%.

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