Egypt Independent

Stock market recoups earlier losses

Egyptian stock indexes fell in early trading on Thursday, but later reversed the downward trend to end the week in the green.

The main index, EGX30, dropped 0.52 percent, down to 5,389 points early in the session, then recovered to end the last session of the week up 0.39 percent. 

Earlier in the day, a sharp drop saw market capitalization fall from LE371.9 billion at the end of Wednesday to LE370.5 billion, losing about LE1.4 billion. By market close, total market capitalization equaled LE373.9 billion.

Egyptians were net sellers at LE12.87 million, as were non-Arab foreigners at LE27.46 million. Arab investors bought into the market with net purchases totaling LE12.9 million.

The benchmark EGX30 index had closed Wednesday up 1.8 percent, gaining 99 points, to settle at 5,419 points, with transactions valued at L 565.6 million.