Battered by president Mohamed Morsi's speech that challenge army's 48-hour ultimatum late Tuesday, Egypt's stock market encountered midday losses of EGP 3.2 billion amid heavy foreign selling pressures on Wednesday. Egyptian president Mohamed Morsi vowed to stay in power and die for his legitimacy Tuesday midnight, repeating several times he would pay with his life as the "price for legitimacy." The speech implied a challenge to the 48-hour ultimatum given by the military to all parties to come up with a solution for the political crisis, or it would impose a military-supervised roadmap for the future of the turmoil-stricken country. The statement issued by Egypt's army said it would have to intervene if the political crisis was not resolved. The armed forces said in a statement on Monday afternoon that it is giving all political forces 48 hours as a last chance to solve the ongoing problems, or else the armed forces will have to announce a new roadmap for the future, and will enforce certain measures with the help of all factions including the youth, without excluding anyone. Accordingly, the Egyptian Exchange's indices were wavering in red notes during the midday session of Wednesday. Benchmark EGX30 fell by 0.99% to 4937.24 p; while EGX20 dropped by 0.82% to 5479.69 p. On the other hand, the mid- and small-cap index, the EGX70 pushed down by 1.24% to 376.15 p. Price index EGX100 edged down by 0.91% to 665.12 p. The capital market has reached EGP 330.027 billion during the midday session of Wednesday, according to data compiled by Amwal Al Ghad English at 12.50 p.m. Cairo time (10:50 GMT). Trading Volumes & Values The trading volume has recorded 59.499 million securities worth EGP 144.295 million, exchanged through 10.247 thousand transactions during Wednesday midday. Also during the midday session, 146 listed securities have been traded in; 83 declined, 28 advanced; while 35 steadied. Investors' Activities The non-Arab foreigners and Arabs' selling pressures drag EGX's losses as they were net sellers seizing 19.81% and 3.48% respectively, of the total markets, with a net equity of EGP 13.257 million and EGP 994.689 thousand, excluding the deals. Meanwhile, Egyptians were net buyers seizing 76.71% of the total markets, with a net equity of EGP 14.251 million excluding the deals.
