The Egyptian Exchange has opened Thursday’s session incurring losses of EGP 669 million driven by Arab early selling pressures. The capital market has amounted to EGP 374.263 billion, according to data compiled by Amwal Al Ghad at 11:02 a.m. Cairo time (09:02 GMT) during Thursday’s opening. The Egyptian market is witnessing highly volatility since the announcement of starting to impose stamp taxes on the bourse’s daily selling and buying transactions at 0.001 after the getting the approval of the country’s Upper House.
The EGX indices opened in mixed.
Benchmark EGX30 tumbled by 0.36% to 5495.86 p; while EGX20 fell by 0.29% to 6395.88 p.
Meanwhile, the mid- and small-cap index, the EGX70 edged up by 0.13% to 470.86 p. Price index EGX100 rose by 0.02% to 794.26 p.
This was after trading in 86 listed securities; 34 declined, 11 advanced; while 41 keeping their previous levels.
During Thursday’s opening session, the trading volume has reached 12.334 million securities worth EGP 15.853 million, exchanged 1.354 thousand transactions.
EGX opening losses were driven by Arab selling pressures as they were net sellers seizing 4.78% of the total markets, with a net equity of EGP 1.074 million excluding the deals.
Meanwhile, Egyptians and the non-Arab foreigners were net buyers seizing 87.15% and 8.06% respectively, of the total markets, with a net equity of EGP 484.647 thousand and EGP 589.815 thousand excluding the deals.
For the leading EGX-listed firms’ stocks, Orascom Telecom Media And Technology Holding SAE (OTMT.CA) remained with no change at EGP 0.63. Egyptian Financial Group-Hermes Holding (HRHO.CA)’s stock inched up by 0.18% to EGP 11.05.
Orascom Telecom Holding SAE (ORTE.CA)’s stock, which said it will be announcing its unaudited consolidated and standalone financial results by March 6th, also dipped by 0.47% to EGP 4.22.
Orascom Construction Industries – OCI (OCIC.CA)’s stock remained with no change at EGP 259.39.
