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EGX narrows losses, surpasses 7500 points

EGX narrows losses, surpasses 7500 points
Indexes of the Egyptian Exchange (EGX) ended Monday’s session on a mixed note narrowing early losses, amid strong buying activities from Egyptian institutions and selling pressures from retail national investors and Arab and foreign institutions.

Benchmark index EGX30 rose 0.08% or 5.99 points at 7530.11 points.
The small and mid-cap index EGX70 lost 0.75%, or 4.29 points to 564.01 points.
The broader index EGX100 ended 0.54%, or 5.41 points lower at 992.87 points.

Market capitalization lost about EGP 0.3 billion to reach EGP 453.3 billion, compared with EGP 453.6 billion on Sunday.

Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX), said a meeting will be held today with managers of funds operating in the local exchange, both governmental and private, to look into the market conditions and reasons behind the recent steep decline in equities.

The top official invited fund managers to discuss reasons for the selling tendency of some funds over the recent period that drove stocks and indexes lower. The size of the 42 investment funds operating in EGX amounts to nearly EGP 7 billion.

He added that there is no clear justification for the drop in equities, as profit taking is seen as normal following the record leaps recorded by stocks in the last days.

Turnover reached EGP 675 million, upon trading 245,5 million shares through 30 thousand transactions, whereas, traded volume amounted to EGP1,38 billion upon trading 250,2 million shares.
Foreign investors were net sellers by EGP 59.2 million, while Egyptian and Arab traders ended as net buyers by EGP 58.3 million and EGP 0.8 million respectively.
Institutions accounted for 56.9% of total trading, as Egyptians were net buyers by EGP 116.36 million, against sales by foreign and Arab institutions that amounted to EGP 56,7 million and EGP 3,8 million respectively.

Retail investors made up the remaining 34%, as Egyptian traders were net sellers by EGP 63,27 million.