During Thursday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 1.5 billion as the capital market has amounted to EGP 373.425 million , according to data compiled by Amwal Al Ghad at 11:08 a.m. Cairo time (09:08 GMT).
The EGX indices opened in red.
The main index, EGX30 dropped by 0.81% to 5437.9 p. EGX20 fell 0.59% to 6224.3 p.
Meanwhile, the mid- and small-cap index, the EGX70 edged down by 0.47% to 479.34 pts. Price index EGX100 inched lower by 0.62% to 805.52 p.
Traded volume reached 9.797 million securities worth EGP 27.777 million, exchanged 1.838 thousand transactions.
This was after trading in 90 listed securities; 56 declined, 5 advanced; while 29 keeping their previous levels.
EGX’s early losses were driven by local selling pressures.
Egyptians were net sellers seizing 89.09% of the total markets, with a net equity of EGP 2.295 million excluding the deals.
On the other hand, the non-Arab Foreigners and Arabs were net buyers seizing 7.93% and 2.98% respectively, of the total markets, with a net equity of EGP 1.348 million and EGP 946.820 thousand excluding the deals.
EGX’s main shares witnessed unsteady performance.
Citadel Capital, the leading private equity firm in the Middle East and Africa, soared by 1.63% to EGP 3.73 amid the news published on Thursday that Citadel Capital SAE (CCAP.CA) with US$ 9.5 billion in investments under control, on Thursday signed a project development and shareholders’ agreement pursuant to which a group of Qatari investors, arranged by QInvest, and Citadel Capital will form a joint venture to construct and own the facilities required to position a Floating LNG storage and regasification unit (FSRU) at a location in Egypt to deliver natural gas to high-volume end-users.
“We are delighted to partner with QInvest on this project, which will stand as an important pillar of Egypt’s energy security at a key moment in the nation’s development,” said Citadel Capital Chairman and Founder Ahmed Heikal. “We believe that Egypt is in strong need of additional natural gas to feed the power generation sector and supply Egypt’s industrial base with a reliable, clean source of energy. Citadel Capital has very strong technical skills in this sector and unrivalled knowledge of the current and planned large consumers of natural gas, thereby putting us in a unique position to market imported natural gas in Egypt.”
Orascom Telecom Holding (Global Telecom) (ORTE.CA) pushed up by 0.83% to EGP 3.64.
EFG-Hermes Holding (HRHO.CA) rose by 0.09% to EGP 10.80.
remained with no change at EGP 10.79.
On the other hand, Orascom Construction Industries – OCI (OCIC.CA)’s stock tumbled by 0.76% to EGP 252.00.
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock remained with no change at EGP 0.57.
