Egypt's blue-chip index falls 0.70% as market loses EGP 65bn
Egypt's EGX30 closed down 0.70% at 48,403.14 points and the bourse lost EGP 65 billion in market value as small-cap stocks fell more than 2%.
The Egyptian Exchange closed Monday with indices falling across the board, as the EGX30 dropped 0.70% to 48,403.14 points, while the Sharia-compliant index fell 1.1% to 5,796.77 points.
The broader EGX100 index fell 2.22% to 21,912.40 points, and the EGX70 small and mid-cap index dropped 2.23% to 16,293.71 points, in a decline led by the smaller part of the market.
The market capitalisation of listed companies lost about EGP 65 billion, reaching EGP 3.832 trillion against EGP 3.897 trillion at Sunday's close. Trading volume reached about EGP 10.02 billion across 2.191 billion securities and 298 thousand transactions.
Egyptian investors recorded net buying of EGP 57.113 million and Arabs net buying of EGP 81 million, while foreigners recorded net selling of EGP 138.193 million. This indicates that the main selling pressure in the session came from foreign institutions.
What do these terms mean?
Market capitalisation: The value of listed companies on the exchange, calculated by multiplying the number of shares by their current price.
Foreign net selling: The difference between the value of what foreign investors sold and what they bought during the session.
Small and mid-cap stocks: Companies with a lower market value than large companies, which are usually more volatile in declines and rallies.
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