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Egypt equities shed EGP 1.3bn on Arab, local sell-offs

Egypt equities shed EGP 1.3bn on Arab, local sell-offs
Photo Credit: Arabianeye-Reuters

The Egyptian Exchange indices retreated collectively on Wednesday, as the market capitalisation lost EGP 1.3 billion ($165 million) on a selling spree from locals and Arabs.  

The benchmark index EGX30 shifted from its upward trend in early trading to close at 8,896.68 points, down by 31 points or 0.35%.

The small and mid-cap index EGX70 lost 1.12% to 490.84 points, while the broader EGX100 slid 0.78%% to 1,005.15 points.

Wednesday’s turnover amounted to EGP 616.7 million, while traded volume reached around 148.3 million shares sealed through 19,100 transactions.

Foreign traders were buyers by EGP 56.6 million, while local and Arab traders were sellers by EGP 44.9 million and EGP 11.7 million, respectively.

Meanwhile, retail traders were net sellers, while institutions – particularly Arabs – were net buyers.

Grand Investment Capital topped the gainers, surging 10% to close at EGP 5.98.

Trans Oceans Tours led the losers, falling 10% to close at $0.09.