EGX ends Tuesday in red for second session in row

CAIRO – 14 May 2019: The Egyptian Exchange (EGX) ended Tuesday in red for the second session in row, amid fears of trade war between China and the United States which caused foreign outflows from emerging markets.

China announced earlier that it would raise tariffs on US imports worth $60 billion, in a response to the American decision to impose tariffs on Chinese imports to the US worth $200 billion.

The benchmark EGX30 hiked 0.85 percent, or 118.42 points, to close at 14,024.15 points.

The equally weighted index EGX50 rose 0.65 percent, or 13.73 points, to reach 2,126.12 points.

The small and mid-cap index EGX70 inched up 0.06 percent, or 0.38 points, to close at 621.03 points, and the broader index EGX100 increased 0.17 percent, or 2.68 point, to 1,579.45 points.

Market capitalization lost LE 4.64 billion, recording LE 766.47 billion, compared to LE 761.83 billion in Monday’s session.

The trading volume reached 82.96 million shares, traded through 12,965 transactions, with a turnover of LE 399.21 million.

Egyptian investors were net buyers at LE 14.17 million, while Arab and foreign investors were net sellers at LE 5.47 million, and LE 8.71 million, respectively.

Egyptian and foreign individuals were net buyers at LE 2.05 million, and LE 1.2 million, respectively, while Arab individuals were net sellers at LE 1.21 million, respectively.

Arab and foreign organizations sold at LE 3.6 million, and LE 9.9 million, respectively, while Egyptian organizations bought at LE 12.12 million.

Memphis Pharmaceuticals, Egyptian International Pharmaceuticals (EIPICO), and Cairo for Investment and Real Estate Development were top gainers of the session by 7.96 percent, 4.29 percent and 3.64 percent, respectively.

Meanwhile, El Obour Real Estate Investment, Arab Valves Company, and Al Baraka Bank Egypt were top losers of the session by 9.89 percent, 8.50 percent, and 5.93 percent, respectively.

On Monday, EGX ended trading in red, as EGX30 dropped 1.53 percent, EGX50 dipped 1.20 percent, EGX70 declined 0.24 percent, and EGX100 decreased 0.46 percent.