Prolonged sideways trend hits Egypt’s equities

 

Prolonged sideways trend hits Egypt’s equities

By Ahmed Kamel 

A prolonged sideways trend is forecast to continue in Egypt until the end of the year with foreign fund managers increasing their selloffs ahead of Christmas. 

However, the benchmark index is expected to firm above 10,500 points.    

The EGX30 index added 0.25 per cent to 10,987 points. The broader indices EGX70 EWI and EGX100 EWI rose by 0.23 and 0.07 per cent to 2,093 and 3,040 points respectively.

Pioneers Securities topped brokerage firms in terms of trades snatching a market share of 17.3 per cent totaling LE2.2 billion (around $141 million), market data showed.

EFG Hermes Securities Brokerage ranked second with trades worth LE1.5 billion and a market share of 11.5 per cent. Commercial International Brokerage was at the third place with a market share of seven per cent and trades worth LE892.7 million.    

Volume rose to LE14 billion last week, up from LE10.9 billion the previous week. The market capitalization added LE7.7 billion, or 1.2 per cent, to LE650.2 billion, market data showed. 

Excluding deals, Arab and non-Arab investors were net sellers of LE198 million and LE269 million last week, bourse data showed. Locals, Arabs and non-Arabs accounted for 85, 6 and 9 per cent of trades respectively, bourse data showed. 

Arab and non-Arab investors have been net sellers of LE619.1 million and LE14.939 billion, respectively, since the beginning of the year. 

Mutual funds ended mixed last week with the majority of funds making gains. NBE Fund 1 topped balanced funds rising by 0.95 per cent to LE38.14. 

Arab Investment Bank Sanadi Fund ranked second adding 0.58 per cent to LE12.83. 

As for equity mutual funds, NBE Fund 2 rose by 0.89 per cent to LE57.69. Pharos Fund gained 0.83 per cent to LE82.11.

NBE Fund 4 topped money market funds inching up 0.19 per cent to LE282.18. Credit Agricole Egypt Mutual Fund 3 added 0.18 per cent to LE1,101.59.