The Egyptian Exchange (EGX) has opened Wednesday’s sessions incurring losses of EGP 340 million driven by early foreign selling pressures. The country is expecting a cabinet reshuffle soon.
Egyptian President Mohamed Morsi said on Saturday he planned to reshuffle his cabinet in a move that could help build political consensus around a $4.8 billion loan Cairo is seeking from the International Monetary Fund.
The capital market has amounted to EGP 357.263 billion, according to data compiled by Amwal Al Ghad English at 11:17 a.m. Cairo time (09:17 GMT) during Wednesday’s opening session.
The EGX indices opened in red notes on Wednesday.
Benchmark EGX30 inched down by 0.32% to 5219.82 p; while EGX20 fell by 0.60% to 6026.58 p.
Meanwhile, the mid- and small-cap index, the EGX70 dropped by 0.32% to 447.59 p. Price index EGX100 declined by 0.28% to 747.48 p.
During Wednesday’s opening session, the trading volume has reached 6.929 million securities worth EGP 24.433 million, exchanged through 1.319 transactions.
This was after trading in 84 listed securities; 39 declined, 12 advanced; while 33 keeping their previous levels.
The non-Arab foreigners’ early selling pressures have driven EGX’s opening losses as they were net sellers seizing 20.72% of the total markets, with a net equity of EGP 4.420 million excluding the deals.
Meanwhile, Egyptians and Arabs were net buyers seizing 69.28% and 9.99% respectively, of the total markets, with a net equity of EGP 3.748 million and EGP 671.314 thousand, excluding the deals.
