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Egyptian Stock Exchange suspends trading after a 5% drop

Egyptian Stock Exchange
A general view of the Egyptian stock REUTERS/ Mohamed Abd El Ghany

The Egyptian Stock Exchange suspended for half an hour (from 11:00 – 11:30) today’s, Tuesday, morning after a big loss on the EGX 100 index.

The EGX 100 index lost 5% of its value which caused confusion in trading.

Based on this decline, the market capital of the shares listed on the Egyptian Stock Exchange lost more than 13.5 billion pounds.

The Egyptian Stock Exchange

Trading on the Egyptian Stock Exchange stopped at the level of 627.7 billion pounds, while trading resumed at half past eleven.

The rules of price limits for transactions on the Egyptian Stock Exchange stipulate that trading should be suspended for half an hour if the EGX 100 index falls by 5%.

The Egyptian Stock Exchange indices fell collectively at the beginning of trading today, under pressure from intensive selling operations from dealers, especially individuals and local institutions, which led to the decline of most of the market shares, led by heavy stocks, including the International Commercial Shares, which fell by more than 2%.

Mass decline

The main EGX 30 index fell by 1.98% at the beginning of trading to trade at 10,328 points, and the EGX 70 and EGX 100 indexes are equal weights by 5.98% and 5%, respectively.

The management of the stock exchange suspended about 54 shares at the beginning of trading, for exceeding the percentage of losses of 5%.

The stock exchange trades recorded 64.5 million pounds on 129 companies through 2.8 thousand operations. The market prices of 68 companies’ shares decreased, as 7 shares rise, while the prices of 54 shares did not change.

The Egyptians accounted for 93.41% of total transactions at the beginning, while Arabs and foreigners captured 3.21% and 3.37%, respectively.

Egyptian investors’ transactions recorded a net purchase of 3.67 million pounds, with the support of institutions that achieved net purchases of 39.9 million pounds, compared to 36.25 million pounds of net sale from individuals.

The selling trend dominated the transactions of Arab investors, and they recorded a net sale of 2.87 million pounds, under pressure from institutions that achieved net sales of 1.78 million pounds, compared to 1.08 million pounds of net sales from individuals.

While foreign investors’ dealings tended towards selling as well, achieving a net value of 798 thousand pounds, of which 802.4 thousand pounds were for institutions.

Keep reading: Foreign Investment In Egyptian Debt Instruments Reached Record Levels

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