EGX fell broadly on Tuesday amid heavysell-offs led by Arab and foreigners

Wednesday 23 January 2019 09:24 AM

EGX Building
EGX Building

By Mostafa Talaat & Ragab Ezz El-Deen

The Egyptian Stock Exchange ended Tuesday's trades on a down note amid heavy sell-offs led by the Arab and foreign investors.

EGX30 fell by 0.74 percent to 13474pts, EGX70 by 0.17 percent to 673pts, the broader  EGX100 by 0.25 percent to 1697pts, EGX50 by 0.37 percent to 2169pts and EGX20 by 0.52 percent to 13423pts.

Stock trades amounted to EGP523mln, as Arab and foreign corporations sold stocks worth EGP21.8mln and EGP65.8mln respectively, whereas Egyptian corporations, Egyptians, Arabs and foreigners bought stocks worth EGP27.7mln, EGP44.1mln, EGP21.1mln and EGP3.6mln respectively.

Stocks ended trades in the green and red. Out of 170 stocks, 42 rose, 96 fell and 32 remained unchanged.

" The blue chips only lead the market's rally whereas downward moves still dominate the market," said head of investment division at Royal Securities Hisham Hasan,

Foreign investors are selling stocks to maintain liquidity, but they will use it later on in purchasing stocks. " The market remains affected by the late disbursement of the fifth tranche of loan facility extended by the International Monetary Fund."