Home StocksEGX EGX 30 Opens Below 5630 Pts On Foreign, Arab Profit-taking Deals

EGX 30 Opens Below 5630 Pts On Foreign, Arab Profit-taking Deals

by Yomna Yasser

During Thursday opening session, the Egyptian Exchange (EGX) has started profit-taking deals phase as it posted early losses of EGP 4.8 billion as the capital market has amounted to EGP 388.800 billion, according to data compiled by Amwal Al Ghad at 11.11 a.m. Cairo time (09:11 GMT).

The EGX indices Thursday went through correction levels.

The main index, EGX30 dived by 1.70% to hit 5628.16 p.  EGX20 sank by 1.82% to reach 6587.25 p.

Meanwhile, the mid- and small-cap index, the EGX70 fell by 1.56% to hit 534.48 pts.  Price index EGX100 dropped by 1.53% to reach 888.71 p.

A number of capital market experts forecasted that the Egyptian Exchange (EGX) indices will witness a short-term profit-taking transactions due to the series of upwards and profits achieved since President Mohamed Morsi has assumed office.

Experts said witnessing profit-taking deals within the coming days is quite normal as the investors would be willingly benefit from the recent gains. The Egyptian Exchange (EGX) had a series of losses as a reverse impact of the revolution, experts added.

Traded volume reached 17.356 million securities worth EGP 68.865 million, exchanged 3.687 thousand transactions.

This was after trading in 123 listed securities; 107 declined 9 advanced while 7 keeping their previous levels.

Egyptians were net buyers seizing 79.53% of the total markets, with a net equity of EGP 6.357 million excluding the deals.

On the other hand, Arabs and non-Arab Foreigners started profit-taking process as they were net sellers seizing 11.3% and 9.17% respectively, of the total markets, with a net equity of EGP 4.588 million and EGP 1.769 million excluding the deals.

Leading Shares:

EGX’s leading shares witnessed collective downwards led by Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock which dived by 8.77% to hit EGP 0.52.

Orascom Construction Industries:

Orascom Construction Industries (OCIC.CA) tumbled by 2.21% to reach EGP 288.00.

Citadel Capital:

Citadel Capital (CCAP.CA) slumped by 1.63% to hit EGP 3.63.

Talaat Moustafa Group:

Talaat Moustafa Group (TMGH.CA) sank by 1.42% to reach EGP 4.85.

EFG-Hermes:

EFG-Hermes Holding (HRHO.CA) dipped by 1.37% to reach EGP 12.93.

Orascom Telecom Holding:

Orascom Telecom Holding (OTH) (ORTE.CA) declined by 1.37% to hit EGP 3.61.

Commercial International Bank:

Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 1.19% to hit EGP 33.20.

Mobinil:

Shares of Egyptian Company for Mobile Services – Mobinil – (EMOB.CA) inched lower 0.28% to reach EGP 160.00.

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