Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egyptian Countryside Development chief discusses cooperation with Italian ambassador    CIB completes fifth securitisation issuance for B.TECH worth EGP 859.4m    Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings    Nigeria endorses El-Anany for UNESCO amid closer economic links with Egypt    Roche helps Egypt expand digital pathology and AI diagnostics    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egyptian pound shows stability in Sunday trading    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt exports 175K tons of food in one week    Egypt, Somalia discuss closer environmental cooperation    Egypt's Health Minister reviews upgrades at Gustave Roussy Hospital    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Egypt's EDA explores pharma cooperation with Belarus    Egypt expresses condolences to Iraq over fire tragedy    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EGX posted biggest weekly drop since December, expectations of further decline this week
The main index EGX30 fell by 5.5% last week to 14,035 points, in its largest weekly decline since December.
Daily News Egypt Published in Daily News Egypt on 13 - 05 - 2019

Egyptian traders expected the Egyptian Exchange (EGX) to continue to decline during sessions this week, in parallel with the fasting dealers for trading in the month of Ramadan, thus pushing daily trading down. This is in addition to the European Bank for Reconstruction and Development (EBRD) issuing a statement by the end of last week, signalling the weak foreign investment and expectations of higher inflation after subsidies are removed, Moreover, the high value of the pound, could threaten the Egyptian economy and lower its competitiveness.
The main index EGX30 fell by 5.5% last week to 14,035 points, in its largest weekly decline since December.
Despite the decline in the volume of daily trading, a package of transactions witnessed by the EGX last week raised the total value of trading during the week to reach EGP 3bn, recording the highest value of weekly trading since a month.
Mohamed el Asar, head of technical analysis in Aman Securities, predicted that the market will continue to decline during the current week with a slight rebound, while the overall trend of the market is up.
He advised trading during the current week in the shares of Pioneers, which will be priced at EGP 6.7 – 7.25, in addition to Palm Hills, which will be priced at EGP 2.3 – 2.5, and Orascom Investment, which will trade at EGP 0.5 – 0.55.
The small and medium-sized (SMEs) enterprises index EGX70 closed down 4.3% at 620 points. The EGX30 Capped fell by 6.4% at 17,336.4 points. The EGX100 scored the highest fall by 4.71% at 1,740.7 points.
The market capitalisation lost EGP 41bn last week, closing at EGP 766bn against EGP 807bn two weeks ago, while shares accounted for 88.7% of total trading.
Egyptians accounted for 59.7% of total transactions on shares, while foreigners accounted for 31.6%, and Arabs for 8.7%, excluding deals.
Foreigners scored net purchases of EGP 544.1m, Arabs EGP 4.4m, while Egyptians dealt on 67.7% of the shares since the beginning of the year, foreigners on 22.8%, and Arabs on9.5%.

Clic here to read the story from its source.