Egyptian Exchange (EGX) indices ended Wednesday’s session varied as market capitalization lost more than EGP 2 billion, due to heavy sales by retail investors.
Global Telecom’s stock reinforced benchmark index EGX30 to rise by 0.31%, to close at 8294.88 points.
Small and mid-cap index EGX70 also fell by 0.72% to 610.32 points, as the broader index EGX100 also retreated 0.67 % to 1067.2 points.
Market capitalization lost around EGP 2.1 billion to reach EGP 482.38 billion, compared with EGP 484.5 billion recorded on Tuesday’s session. Meanwhile, turnover hit about EGP 1.1 billion.
Mohamed Gaballah, head of trading at Tawfik Securities, said that the market is resisting 8380 point level as a slight profit taking is happening followed by resumed rise to 8600 points.
Gaballah added that sales were carried out by retail investors who have short term vision. He said that the settlement of Global Telecom debt dispute will enhance the company’s position that it would target EGP 8 by the end of year.
Foreign traders were net buyers accounting for EGP 23.6 million; whereas Egyptian and Arab investors carried out selling activities amounted to more than EGP 17.7 million and EGP 5.8 million respectively.
Retail investors dominated 68.06% of transactions, with sale majority. Meanwhile, Institutions made up the remaining 31.93% of transactions most of which were buying. EGX will be closed tomorrow, April 24, on the occasion of Sinai Liberation Day.
On Tuesday, Indexes of EGX ended collectively higher as market capitalization gained EGP 6.9 billion, supported by the surge of Global Telecom’s stock.
Benchmark index EGX30 rose by 2.04%, surpassing the 8250 point mark to close at 8269.02 points. Small and mid-cap index EGX70 also increased by 1.37% to 614.73 points. The broader index EGX100 also moved up 1.15 % to 1074.35 points.
Market capitalization gained around EGP 6.9 billion to reach EGP 484.5 billion, compared with EGP 477.6 billion recorded on Thursday’s session.
Turnover hit about EGP 878.2 million upon exchanging 301 million shares in 34.6 thousand transactions. The market’s overall value recorded EGP 1.77 billion upon exchanging 302.75 million shares.
Global Telecom’s stock reinforced benchmark index EGX30 to rise by 0.31%, to close at 8294.88 points.
Small and mid-cap index EGX70 also fell by 0.72% to 610.32 points, as the broader index EGX100 also retreated 0.67 % to 1067.2 points.
Market capitalization lost around EGP 2.1 billion to reach EGP 482.38 billion, compared with EGP 484.5 billion recorded on Tuesday’s session. Meanwhile, turnover hit about EGP 1.1 billion.
Mohamed Gaballah, head of trading at Tawfik Securities, said that the market is resisting 8380 point level as a slight profit taking is happening followed by resumed rise to 8600 points.
Gaballah added that sales were carried out by retail investors who have short term vision. He said that the settlement of Global Telecom debt dispute will enhance the company’s position that it would target EGP 8 by the end of year.
Foreign traders were net buyers accounting for EGP 23.6 million; whereas Egyptian and Arab investors carried out selling activities amounted to more than EGP 17.7 million and EGP 5.8 million respectively.
Retail investors dominated 68.06% of transactions, with sale majority. Meanwhile, Institutions made up the remaining 31.93% of transactions most of which were buying. EGX will be closed tomorrow, April 24, on the occasion of Sinai Liberation Day.
On Tuesday, Indexes of EGX ended collectively higher as market capitalization gained EGP 6.9 billion, supported by the surge of Global Telecom’s stock.
Benchmark index EGX30 rose by 2.04%, surpassing the 8250 point mark to close at 8269.02 points. Small and mid-cap index EGX70 also increased by 1.37% to 614.73 points. The broader index EGX100 also moved up 1.15 % to 1074.35 points.
Market capitalization gained around EGP 6.9 billion to reach EGP 484.5 billion, compared with EGP 477.6 billion recorded on Thursday’s session.
Turnover hit about EGP 878.2 million upon exchanging 301 million shares in 34.6 thousand transactions. The market’s overall value recorded EGP 1.77 billion upon exchanging 302.75 million shares.
Source:
Mubasher Exclusive
