© Reuters
Investing.com – The Egyptian market index fell today, on the first day of the week, losing 3.20% on the main index, the EGX30, after heavy selling by foreigners on the Egyptian Stock Exchange, bringing the index to 16,555.12 pounds, the lowest point since last April.
The index fell 6.9% to 3234, the lowest level since last May. The stock with the highest weight on the Egyptian Stock Exchange, the Commercial International Bank (EGX: CIB), fell by 1.24%, to 47.65 pounds per share.
The stocks that fell the most
The biggest decline came in the shares of Mopco, which fell by 17.93% today, to record 190.20 pounds, after losing 41.5 pounds in one session, and the shares of Qalaa Financial Consulting (EGX:) fell 16.10% to 2.45 pounds, after a volume of 83.44 million shares.
Ibn Sina shares fell 12.50% to 2.1 pounds, Orascom (EGX:) Investment 5.51%, Palm Hills 2.88%, and Fawry 4.50%.
Sole climb in the EGX30
Among the main stocks, only Juhayna (EGX) rose, which rose 4.11% to close at 3.82 pounds.
Foreign investors in the Egyptian Stock Exchange
The sales of foreign investors in the Egyptian Stock Exchange exceeded 2 billion pounds, which pushed all Egyptian market indicators to a violent decline in today’s trading.
Technical analysis of the EGX30 indicator
Start trading on Arab energy shares
Today, the Securities Listing Committee approved the start of trading in Arab energy shares, which is the unique listing of its kind and the largest in the market since 2023, and the first listing of a private company in the field of energy.
The group’s shares were traded on the Egyptian Stock Exchange in the utilities sector under the symbol TAQA.CA, and the first trading took place at the ten o’clock session on Sunday morning.
The share of Taqa Arabia SAE, TAQA, rose by 83,591.00% on the first trading day, in an unusual precedent for the Egyptian stock market. The share price reached 417.95 pounds, and opened at 0.50 pounds.
The current number of shares of the company is: 1,352,353,800. The company’s capital reaches 676,176,900, and the book value for the fourth quarter of 2022 is recorded at 1.59 Egyptian pounds.
The stock exchange management announced earlier that an Arab energy share will be traded on the stock exchange at a price of EGP 0.50 per share, without being bound by the price limits or the temporary suspension mechanisms in force during that session, provided that these mechanisms are applied during the second trading session.
A statement to the Egyptian Stock Exchange revealed that TAQA shares witnessed a deal through the mechanism of high-volume transactions on Arab energy shares for 414.811 million shares, at a value of 3.691 billion pounds.
And the Egyptian Stock Exchange announced, in breaking news, the cancellation of all transactions on the Taqa share, which took place today, so that the share price will return to 0.5 pounds, and it will be traded at this price tomorrow.
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2023-07-09 13:04:00
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