Amwal Al Ghad English - 2014-04-05 13:03:18
In a week, Egypt’s bourse incurred massive losses totalling 26.2 billion Egyptian pounds as local investors extended profit-taking bout on positions built in anticipation of former army chief Abdel Fattah al-Sisi's run for president. The market was also reversely affected by the recent three explosions occurred outside Cairo University which killed at least two and wounded over seven. Consequently, the main stock index – EGX30 dived by 6.7% in a week to close below 7705 points in a week.
The market has dropped 8.0 percent over three days. It is still up 15.1 percent year-to-date, having surged on hopes that Sisi, seen by many investors as the best guarantor of stability, would run in this May's elections.
When Sisi finally did announce his candidacy last week, investors started booking profits; the move was amplified by an earnings report by EFG Hermes, which swung to a net loss in 2013 because of one-off charges.
Back to the performance of the Egyptian Exchange’s indices throughout last week trading sessions, the EGX30 dived by 6.7% in a week, registering a decline of 550.72 points, ending Thursday’s transactions at 7701.11 points compared to 8251.83 points at the end of a week earlier.
The main gauge index registered its highest point on Sunday closing at 8092.38 points, whereas its lowest point recorded on Thursday at 7701.11 points.
In addition, the mid- and small-cap index, the EGX70 sank by 8.4% closing at 574.27 points during Thursday’s session, compared to 627.1 points at the end of a week earlier. The price index, EGX100 also pushed down by 7.7% concluding by 1009.43 points during Thursday’s session, against 1094.21 points at the end of a week earlier.
Furthermore, the market capitalization closed at 461.292 EGP billion last Thursday, compared to EGP 487.442 billion at the end of a week earlier.
Turnovers & Traded Volumes:
Through the week, the trading volume hit around 1.04 billion securities, compared to 1.7 billion securities at the end of a week earlier. For the traded value, it reached EGP 4.7 billion against EGP 6.3 billion a week earlier. More»