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Market Report: Egypt's major stocks dip, low-caps gain on speculative interest Main index slips as individual investors circumvent high-caps to target strategic smaller firms, fuelling a rise for the broader EGX70
Egyptian stocks saw mixed performances Sunday as a wave of individual investors eschewed the usual high-cap firms to target strategic, lower-priced stocks. The benchmark EGX30 index traded in the green for most of the four-hour session before dipping 0.16 per cent to close at 3,963.9 points. By contrast the broader EGX70 edged up 0.36 per cent, fed by resurgent interest in smaller, more speculator-friendly stock by individual investors who were responsible for 75 per cent of the day's trade. From 170 listed shares, 67 gained in value and 86 declined in Sunday's session during thin trade that totalled just LE152.3 million -- around a half of the average daily volume until just a few months ago. A wave of minor losses for high-cap firms was mirrored by significant gains for lesser-known stocks. The market's biggest caps Orascom Construction Industries and Commercial International Bank declined 0.3 and 0.7 per cent respectively. The downward trend was mirrored in the performances of fellow big-hitters Ezz Steel (down 1 per cent) and Lecico, which slipped 1.4 per cent. Troubled real estate developer the Talaat Moustafa Group was one of the few high-caps to finish in the green, gaining 0.56 per cent. The day's biggest wins centred around smaller firms like Gharbia Islamic Housing Development, up 9.25 per cent, and Egyptian Media Production City, which gained 5.5 per cent. Foreigners, who made up 15 per cent of trade, continued to be net-sellers, offloading LE31.487 million worth of stock. Egyptians picked up LE30.778 million, all but LE5.2 million bought by individual investors.
