Arab Finance: Egypt’s stock exchange benchmark “EGX 30 index” extended losses for the third session with sharp decline by 1.32 % on Tuesday to close at 6,569.47 points, compared to 6,657.42 points in Sunday session.
Market trade volume reached 112,511,176 transactions amounted to L.E 1,038,486,126.
It is worth noting that, all of Egypt's markets were closed on Monday Jan. 25 for a National Police holiday.
Orascom Construction Industries slightly decreased by 0.10% at L.E 260.10. OCI announced that it will form a 50/50 joint venture with Morgan Stanley to invest in infrastructure in the Middle East and Africa.
Nassef Sawiris, company CEO said, “Morgan Stanley is a proven leader in global infrastructure investing. This proposed joint venture is positioned to capitalize on Morgan Stanley Infrastructure’s investing expertise and its global reach as well as our local and regional awareness of infrastructure needs.
“Our region still has a long way to go to develop world class infrastructure and there's a huge infrastructure spending deficit across all areas -- from roads, houses, sewage to softer infrastructure in healthcare and education," Sawiris added.
"The opportunities are immense and a partnership with Morgan Stanley will help us meet the vast opportunities we are confronted with on a daily basis from governments."
Egyptian Chemical Industries (Kima) gained 3.36% in Tuesday session to close at L.E 178.61. Chemical Industries Holding Company stated that it will name the financial adviser to develop and restructure Kima next Thursday.
The financial adviser will assign the financial alternative to cover the investment cost, which amounts to $ 600 million in order to finance company’s plan to establish its new ammonia plant in Aswan.
It is worth noting that, Kima received bids from 5 companies to gain this mission, while the Holding Company chose 3 of which it called serious bids.
Regarding Today Company’s performance, market's top 5 gainers in terms of turnover respectively were: Orascom Telecom sunk by 5.33 % to close at LE 26.98, Egyptian Media Production City advanced by 6.32 % to close at LE 9.25, Commercial International Bank ended lower by 1.14 % to close at LE 58.01, Orascom Construction also retreated by 0.10 % to close at LE 260.10 and AJWA dipped by 6.35 % to close at LE 12.97.
Regarding market players’ performance:
Local Investors’ transactions were extremely prevailing as they made 80.93 % of total market deals.
Foreign investors ranked in second place with 10.79 %, while Arab made the remaining 8.28 %.
Local Investors’ purchasing power was clearly proven during Tuesday session by its value amounted to L.E 90,382,437.
On the other hand, Arab and Foreign Investors chose to heavily sell their stocks to yield L.E 87,966,335 and LE 2,416,101 respectively.
Individuals’ activity dominated the market by an average of 64.63 %, compared to 35.36 %, which represented the Institutions’ activity.
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