MARKET NEWS-

The EGX has capped daily stock price movement at 5% for Rowad Tourism and Zahraa Maadi Investment & Development for a month starting today, according to two separate but identical statements by the companies to the bourse. The move will limit fluctuations in the two companies’ shares more strictly than the typical 20% margin, and comes following coordination between the Financial Regulatory Authority and the bourse to reduce the risk to traders of sharp price fluctuations within a single trading session, according to the statements. Back in September, the bourse implemented a new mechanism allowing shares to rise and fall by 20% during a single session, up from a previous 10%, in a move designed to improve accuracy, increase trading volumes and boost foreign inflows into Egyptian shares.

MARKET ROUNDUP-

The EGX30 rose 0.2% at today’s close on turnover of EGP 1.77 bn (20.1% above the 90-day average). Foreign investors were net sellers. The index is up 6.4% YTD.

In the green: GB Auto (+6.9%), AMOC (+2.6%) and Qalaa Holdings (+1.5%).

In the red: Speed Medical (-15.8%), Rameda (-6.3%) and Heliopolis Housing (-5.6%).