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Egypt stocks maintain downward trajectory on Wednesday EGX30, EGX70 both suffer slight losses as 'civil disobedience' campaign in Port Said enters fourth consecutive day
Egypt's bourse continued its downward trend on Wednesday, as an ongoing campaign of 'civil disobedience' in Port Said entered its fourth day. Mass protests have continued in Port Said, leading to the closure of schools and the city's investment zone, which is home to at least 29 factories. On Tuesday, the Egyptian presidency announced a decision to re-launch the Port Said duty-free zone and allocate LE400 million a year from Suez Canal revenues to the development of Egypt's three canal cities (Port Said, Suez and Ismailia). Egypt's benchmark EGX30 index fell by 0.24 percent on Wednesday to 5,609 points. The broader EGX70 index, meanwhile, fell by 0.87 percent. Out of 164 stocks traded, 110 suffered losses while only 19 registered gains. Blue-chip stock Orascom Construction Industries (OCI) fell by 0.24 percent, while heavyweight share Commercial International Bank (CIB) managed to rise by 0.91 percent. "Today's losses were expected, and will likely continue until the end of the week," Issa Fathy, vice president of securities at the Egyptian Chamber of Commerce, told Ahram Online. "The political situation isn't helping; this isn't a good time to invest in Egypt." Daily turnover on Wednesday fell to a meagre LE327 million, indicating investors' wariness vis-a-vis Egypt's ongoing political crisis. Egyptian and Arab investors were net sellers for the day, offloading almost LE26 million and LE12 million respectively. Foreign investors, meanwhile, were net buyers, picking up almost LE37 million in shares. Most sectors performed poorly on Wednesday, including the real estate sector. Luxury property developer Palm Hills Development fell by 2.47 percent for the day, while the Talaat Mostafa Group remained static.
