Staff report Cairo, April 18, 2018 – Egypt's equities slipped on the back of institutional sell-offs on Wednesday. The benchmark index EGX30 slipped 0.54 per cent to stand at17,705.87 points. The broader indices EGX70 and EGX100 fell by 0.5 and 0.4 per cent to 860.08 and 2,255.74 points, respectively. Volume totaled LE1.88 billion (around $106.8 million), market data showed. Institutions were net sellers of LE106.4 million, market data indicated. Non-Arab investors were net sellers of LE20.6 million. Locals and Arabs were net buyers of LE9.9 million and LE10.6 million, respectively. The EGX50 and EGX20 capped indices fell by 0.82 and 1.28 per cent to 3,008.78 and 18,064.05 points, respectively. Of a total 182 traded stocks yesterday 40 shares rose, 103 fell, 39 remained unchanged, market data showed. Meanwhile, Pioneers Holding said on Wednesday that it aims to increase its capital by 30 per cent or 1.08 billion Egyptian pounds ($61.23 million). Reuters quoted the company's CEO Walid Zaki as saying that the company's capital is currently 3.6 billion Egyptian pounds ($204 million) and is distributed over 708.4 million shares at a nominal value of five pounds per share. The company's shares trade on the Egyptian stock exchange market at about 11 pounds. Zaki said that the newly-issued shares to raise capital will be sold to existing shareholders at 5 pounds per share. "It is the right time to pump more liquidity in either new investments or expanding existing investments," Zaki said.
