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Sunday, 19 September 2021

EGX updates closing price mechanism

Updates to new share price closing mechanism on the EGX were implemented today: The EGX appears to have raised the ceiling over which a new closing price would need to be determined, in a new decision by the bourse issued today (pdf). Under the decision, the minimum “conditional value” — a benchmark that averages the total value of transactions on a share over three months — has been raised to EGP 300k from EGP 100k previously. Should a share’s Moving Volume Weighted Average Price (MVWAP) — used to determine the closing price of shares — exceed EGP 300k, a new closing price will need to be taken.

THE MARKET ROUNDUP-

The EGX30 fell 1.0% at today’s close on turnover of EGP 1.2 bn (23.1% below the 90-day average). Foreign investors were net buyers. The index is up 0.4% YTD.

In the green: Abou Kir Fertilizers (+4.0%), Mopco (+3.5%) and AMOC (+1.7%).

In the red: Fawry (-7.3%), Egyptian Resorts Company (-5.8%) and MM Group (-4.9%).

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