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EGX continues losses as COVID-19 continues to spread - Daily News Egypt

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EGX continues losses as COVID-19 continues to spread

The EGX 30 index closed at 12,347.65 points, recording a decline of 5.08%. EGX70 EWI index posted a 3.01% loss, concluding the period at 1,172.87 points, while the S&P index declined by 3.35% and concluded the period at 1,765.15 points.


With huge losses felt by global indices, headed by the Dow Jones, the Egyptian Exchange (EGX) is expected to continue its losses inversely proportional to the continued rise of Covid-19.

Mohammed Osman, head of the technical analysis department at Pharos Holding, said the EGX30 Index witnessed selling pressures during Wednesday’s session, as it went below its latest bottom at 12,210 bps, and closing at a low session of 12,182 bps, losing 1.91%. this decline was mainly in part by selling pressures felt by COMI.CA, the heaviest weighted stock. Meanwhile, most other stocks didn’t record new lows. It is recommended to monitor the support level lying at 12,000 on the EGX30 Index since it is expected to hold even temporarily. In case the market resumes its decline, the EGX will reduce the support level to 11,750 points at first, and then 11,000.

The EGX 30 index closed at 12,347.65 points, recording a decline of 5.08%. EGX70 EWI index posted a 3.01% loss, concluding the period at 1,172.87 points, while the S&P index declined by 3.35% and concluded the period at 1,765.15 points.

The EGX 30 index cap declined by 4.22% and concluded at 14,134.66 points, while EGX 100 index declined by 3.38% and concluded at 1,266.78 points.

Total market capitalisation reached EGP 644.5bn at the end of the period, representing a 3.37% decrease.

The total value traded recorded EGP 15.6bn, while the total volume traded reached 1.031m securities executed over 113,000 transactions last week.

Two weeks ago, the total value traded recorded EGP 7.4bn, while the total volume traded reached 1.448m securities executed over 110,000 transactions.

Stocks traded accounted for 23.19% of the total value of the main market, while the remaining 76.81% were captured by bonds last week.

Egyptians represented 62.8% of the value traded in listed stocks after excluding deals during the period. Foreigners accounted for 27.7%, while Arabs captured 9.5%. Foreigners were net sellers at EGP 120.1m, and Arabs were net sellers at EGP 51.7m, after excluding deals in listed stocks.

Since the beginning of the year, Egyptians represented 63.8% of the value traded in listed stocks after excluding deals. Foreigners accounted for 25.8%, while Arabs captured 10.5%. Foreigners were net sellers with EGP 125.7m, and Arabs were net sellers by EGP 841.2m, after excluding deals in listed stocks since year began.

Topics: COVID-19 EGX

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https://ww.dailynewssegypt.com/2020/03/08/egx-continues-losses-as-covid-19-continues-to-spread/
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