The Egyptian stock exchange maintained its downwards direction for the seventh trading session in a row on Wednesday, with the benchmark index EGX30 declining by 1.43 per cent losing 87.62 points and closing at 6,033.09 points. In the meantime, EGX70 for medium and small shares went in the same direction by a 1.32% decline to close at 527.67 points, while the EGX100 index, which evaluates the activities of both former indices, also shed 1.06% to close at 908.67 points.
The market witnessed trading volume of 174, 292 shares traded through 35,329 deals with a volume of LE6,324,820. As for the leading shares, they all went down for the second consecutive day, with Orascom Telecom leading the declines with 2.76% losses, followed by the shares of the financial group EFG-Hermes that recorded a 2.74% decline. Then came the shares of the Commercial International Bank (CIB), which fell by 2.08% and Orascom Construction came next down by 1.61% . From the 180 shares enlisted in EgyptSE, 128 shares witnessed depreciation in price, 43 shares went up, and 9 shares stayed unchanged. In the meantime, Wall Street was set for a slightly lower opening on Wednesday, after a weak private sector jobs report reignited concerns about the health of the labor market. US private employers added a paltry 13,000 jobs in June, compared with a revised gain of 57,000 in May, the ADP Employer Services report showed, falling far short of a forecast of 60,000 job gains. The data comes ahead a more comprehensive government report on the labor market on Friday. European stocks also pared gains and turned negative on Wednesday after data showed the lower employment rates of US private employers.
