Cairo – Mubasher: The Egyptian Exchange (EGX) opened Monday in the red, amid pressure by foreign and Arab investors’ selling.
The benchmark EGX30 index dropped 0.86% or 114.75 points to 13,173.01 points by 10:30am Cairo local time.
The EGX100 index shed 0.25% to 1,152.49 points, while the equal-weight EGX50 index was down to 2,064.35 points. In the meantime, the EGX70 remained stable at 472.99 points.
Turnover reached EGP 202.5 million after 81.8 million shares were traded through 5,955 transactions. Moreover, a total of 34 stocks increased, 48 declined and 39 remained flat.
Egyptian investors were net buyers with EGP 3.4 million, while foreign and Arab investors were net sellers with EGP 255,000 and EGP 3.2 million, respectively.
Porto Holding led heavy-weight fallers, losing 3.33%, followed by Egyptian Resorts Co. and TMG with 2.34% and 2.16%, respectively.
Commercial International Bank (CIB), the EGX’s heaviest weighted stock, shed 0.20% to EGP 76.
On the other hand, 8 leading stocks were in the green, led by Egyptian Iron and Steel, Arabia Investments, Development and Financial Investment Holding Co., and GMC, which saw gains varying between 6% and 0.11%.
Earlier today, analysts told Mubasher that the EGX was likely to continue its sideways-to-rising performance along some profit-taking.
The EGX30 index ended Sunday in the green, rising for the fourth session in a row, and closing at 13,287.76 points.
