Egypt stock market continued its downturn through with losses estimated at 9.387 billion Egyptian pounds (US$736 million) driven by foreign selling pressures amid global concerns about China’s economy.
Slowing growth in China and the recent crash in Chinese markets are battering investors’ hopes for stronger crude oil demand this year.
Egypt’s main index made its largest decline in two months to slump to a 25-month low on Wednesday.
Meanwhile, Egyptian bourse’s market capitalisation has recorded 401.750 billion pounds during the closing session of Wednesday.
Egypt’s benchmark index, EGX30 dived 4 percent to 6205.23 points.
EGX50 EWI index went down 3.89 percent to 1096.8 points.
EGX20 sank 5.28 percent to 6139.57 points.
Additionally, the mid- and small-cap index EGX70 decreased 3.76 percent to 358.33 points. The price index, EGX100 sagged 3.50 percent 731.31 points.
On Wednesday, the bourse’s trading volume hit 357.041 million securities, with turnovers closed at 1.223 billion pounds, exchanged through 28.538 transactions.
Also during the closing session,175 listed securities have been traded in; 140 declined, 7 advanced; while 28 kept their previous levels.
Local and Arab investors were net buyers Wednesday seizing 88.21 percent and 6.82 percent respectively of the total markets, with a net equity of 8.236 million pounds and 12.765 million pounds, respectively, excluding the deals.
On the contrary, foreign investors were net sellers getting 4.96 percent of the total market, with a net equity of 21.001 million pounds, excluding the deals.