The Egyptian stock market had a somewhat volatile month, primarily triggered by a massive global selloff dubbed “Black Monday” after the US’s Fed released data including increased unemployment numbers
The Egyptian Exchange (EGX) ended August trading on a positive note on Thursday, with market capitalization recorded at EGP 2.103 trillion.
Benchmark index EGX 30 saw a slight bump into the green by 0.21% to close the session at 30,774.19 points. The Shariah-compliant index was up by 0.14% at 2,916.61 points.
EGX 70 slipped into the positive by just 0.05% to reach 7,076.3 points, followed by EGX 100 with an increase of 0.14% to end the session at 10,148.81 points.
The Egyptian stock market had a somewhat volatile month, primarily triggered by a massive global selloff dubbed “Black Monday” after the US’s Fed released data including increased unemployment numbers.
On the 5th of August, along with many markets across the world, the EGX saw significant losses, marking a decline of EGP 56 billion and the EGX30 index dropping by 2.33% to 28,506.6 points.
A week later, it recorded market cap losses of EGP 16 billion on the 13th and EGP 6 billion on the 26th.
However, the market was able to recover with market cap gains of EGP 13.5 billion on the 14th and EGP 13.2 billion on the 27th.
Thursday’s trading saw 1.120 billion shares exchanged with a turnover of EGP 6.563 billion.
Trading on securities reported Egyptian and Arab investors as net sellers with EGP 279.93 million and EGP 288.99 million, respectively. Foreign traders were net buyers with EGP 568.92 million.
The top gains of the session were by Alexandria Flour Mills which climbed by 19.98%, South Cairo & Giza Mills & Bakeries by 14.37%, and Arab Developers Holding by 12.47%.
The largest losses of the session were by Sinai Cement which dropped by 7.03%, Copper For Commercial Investment & Real Estate Development by 4.19%, and Remco for Touristic Villages Construction by 3.81%.
