The stock market starts trading in the red zone by squeezing sales from foreign institutions

Rana Mamdouh

Egyptian stock indexes began mid-week on a decline under pressure from the sales forces of foreign institutions.

The main EGX30 index fell slightly by 0.09% to establish at 13585 points.

Commercial International Bank, the most traded stock in the 30s, has lost 0.46% and is currently trading at 73.25 EGP.

The EGX70 index, smaller, and the EGX100 index, wider, fell by 0.09% and 0.26% respectively.

At the beginning of trading on the stock exchange, the shares of 49 companies rose from 6 to a decline of 15, while the 28-share price was tradable.

A total of 16.220 million EGP was traded in 619 transactions.

Foreign investors made net sales of 1,132 billion EGP, under the impetus of institutions having recorded 1.206 million EGP of sales transactions and 73,210 thousand EGP of retail purchases.

Moreover, Egyptian investors were net buyers of 1,115 million EGP, with a difference between purchases and sales of 2,225 million EGP, against a turnover of 1,10 million EGP.

Arab investors were net buyers with net equity of LE 17,273,000, bought and released, and buying and unloading shares with a respective value of EGP 103,155 and EGP 85,882.

Citadel Capital gained 3.4%, followed by Ismailia National Food Industries (FOODICO) up 3.14%, followed by Ezz Steel (1.53%).

Orascom Construction PLC was the most traded loser at 2.73%, followed by ASEC Mining – Ascom (2.68%), followed by Daisy (1.88%).