The Egyptian Stock Exchange is witnessing a catastrophic 48 hours

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The Egyptian Stock Exchange is witnessing a catastrophic 48 hours

Reuters

Today, Tuesday, the Egyptian Stock Exchange witnessed a hot day as a result of a collective decline witnessed by all indicators before it rose again slightly.

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The Egyptian Stock Exchange is falling and losing billions of pounds

Today, Tuesday, a collective decline of the Egyptian Stock Exchange indices began in the beginning of trading, as the main EGX30 index fell by 1.98% at the beginning of trading, to trade at 10328 points, and the EGX70 and EGX100 indices fell equal weights by 5.98% and 5%, respectively.

The stock exchange management decided to suspend trading on 34 companies for 10 minutes at the beginning of the session for exceeding the permissible rate of increase or decrease, but it was not enough. Until 11:00 am, the Egyptian Stock Exchange decided to suspend trading for half an hour due to the EGX100 index’s decline by more than 5%. Trading would resume at 11:30 am.

After the stock market resumed its appeal, it reduced its decline, as the Egyptian Stock Exchange indexes succeeded in reducing their losses upon the close of trading on Tuesday, supported by noticeable purchases from local institutions and investment funds, which were matched by sales from foreigners and Arabs.

The market capital of the shares of companies listed on the stock exchange recovered more than 7 billion pounds from its morning losses, to close at 633.6 billion pounds, while the main stock index reduced its morning losses to close by 0.63 percent, recording a point.

The EGX 70 index of small and medium stocks closed down by 5.1% to reach 1822.3 points, and the EGX 100 index fell by 3.72% to end trading at 2739.6 points.

Yesterday, the Egyptian Stock Exchange witnessed a resounding decline, reaching its lowest level in 4 months. The main EGX30 index declined by 2.45% to reach the level of 10537 points, while the decline in the EGX70EWI for small and medium stocks increased to 5.27%, recording 1920 points. The widest range “EGX100EWI” is 4.51% to 2,845 points.

By the end of yesterday’s trading, the stock market achieved huge losses amounting to about 17 billion pounds, and the index closed at 641.216 billion pounds, and foreign investors’ transactions tended to sell with a net 46.03 million pounds, while Egyptians and Arabs tended to buy with a net 33.46 million pounds and 12.57 million pounds, respectively.

Source: “Al-Masry Al-Youm”





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