(AFP File Photo)
The Egyptian stock market suffered from notable losses on Sunday, shedding some EGP 14.4bn.The benchmark index EGX-30 declined by 4.06% to close at 9,163.8 points.
The EGX-70, which comprises small and medium sized companies, fell by 3.72% to register 627.43 points while broader index EGX-100 dropped by 3.58% to stand at 1,140.52 points.
Nilex index also recorded a 2.6% decline to close at 842.61 points. The trading day closed with 13 gainers, 161 decliners, and 12 unchanged.
Vice Chairman of the Egyptian Association for Financing and Investment Studies Mohsen Adel attributed the losses to the influence of Arabian and international stock markets, which also declined.
He added that this decline is expected to continue during the coming period, with the benchmark index varying between 9,200 and 9,700 points.
Discussing the trade behaviour, EGX noted that foreign and Arab investors were directed towards selling while Egyptian sought to buy. It added that purchases were made by institutions while individuals dominated the selling movement.
In August, the capital market rose to the 9,000 points for the first time since 2008.
In September, Mark Richards, partner at Actis, told the Daily News Egypt that Edita Food Industries Company is planning an initial public offering (IPO) – a stock market launch.
Karim Awad, CEO of EFG-Hermes, previously told the Daily News Egypt that a company in the food industry will have an IPO either by the end of this year or by early 2015. He added that the value of the IPO will probably be for $100m.
