Egypt Equity Watch | 29 June 2015: Egyptian equity markets weaken, indices drop, market cap down US$582 million

Cairo, Egypt (Capital Markets in Africa):- Egyptian equity markets retracted yesterday’s gains by losing EGP 4.4 billion in the market capitalization, which ended at EGP 485.175 billion; relative to EGP 489.615 billion recorded at yesterday’s trading session. As a result of  news that Egypt’s Prosecutor General Hisham Barakat and six others have been injured in a bomb attack in Cairo.

The benchmark index EGX30 dropped 1.65 percent or 140.45 points to end the day below the 8,500 points barrier at 8,371.53 points (with resultant year-to-date performance of -6.22 percent). Likewise, EGX70, which measures small and mid-cap index, plunged by 1.34 percent or 6.05 points to settle at 444.69 points (-21.35 percent year-to-date return).

The broader index EGX100 slumped by 1.12 percent or 10.71 points to 941.77 points (-13.64 percent year to date performance) and the EGX20 capped index went down by 1.56 percent or 135.22 points to close at 8,543.63 points (-14.83 percent year-to-date return).

From market activity viewpoint, today turnover was recorded at EGP 558.118 million exchanged in 180.549 million traded securities. The Commercial International Bank (CIB) was the most active in terms of turnover with EGP 175.6 million. In term of investor type, National and Arab investors were net sellers of shares worth EGP 48.3 million and EGP 33.5 million, respectively, while foreigners recorded a buy/sell difference of EGP 81.8 million

With regard to price movers and shakers, market price gainers and losers, there were 103 price gainers and 19 price losers which bring the market breath to end at positive. The price movers were North Africa Company for Real Estate Investment advanced by 9.93 percent to close the trading sessions at EGP 1.66 and Cairo Educational Services grew by 9.75 percent with closing price of EGP 10.92. Equally, Zahraa Maadi Investment Egypt edge by 5.26 percent to conclude at EGP 20.00 and Arab Cotton Ginning Egypt gained 4.35 percent to settle at EGP 3.12.

On the contrary, Pyramisa Hotels fell by 9.30 percent to end at EGP 18.15, El Kahera Housing plummeted by 4.75 percent to trade at EGP 10.62 and Oracom Hotels & Development tumbled by 4.63 percent with closing price of EGP 10.50. Equally, Maridive & Oil Services and Universal For Paper & Packaging plunged by 4.44 percent and 3.95 percent to trade at US$ 0.43 and EGP 6.80 respectively.

On the final note, most of the sector indices ended in red region today. On the gainers’ region were Healthcare & Pharmaceutical (gained by 3.13 percent) and Personal & Household Products (added by 0.14 percent). On the losers’ table, Banks sector index lost 1.79 percent or 67.88 points to close at 3,797.06 points, Industrial Goods & Services sector index (declined by 1.56 percent) and Travel & Leisure (fell by 3.28 percent). In addition, Chemicals and Construction & Materials plunged 2.37 percent and 1.05 percent respectively. Equally, Basic Resources (dropped by 2.62 percent) and Food & Beverages sector index (somersaulted by 1.49 percent). Likewise, Financial Services excluding Banks shrunk by 1.13 percent, Telecommunications decreased by 1.36 percent and Real Estate plunged by 2.18 percent.