Egypt’s stock market dropped Tuesday for the fourth session in a row with losses estimated at 5.763 billion Egyptian pounds (US$736 million) on Arab and foreign sell off as oil prices continue to fall 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.
Meanwhile, Egyptian bourse’s market capitalisation has recorded 411.137 billion pounds during the closing session of Tuesday.
Egypt’s benchmark index, EGX30 plunged 2.58 percent to 6463.92 points.
EGX50 EWI index went down 1.53 percent to 1141.18 points.
EGX20 declined 2.26 percent to 6481.47 points.
Additionally, the mid- and small-cap index EGX70 decreased percent 0.56 to 372.34 points. The price index, EGX100 sagged 0.87 percent 757.8 points.
On Tuesday, the bourse’s trading volume hit 257.026 million securities, with turnovers closed at 766.548 million pounds, exchanged through 22,136 transactions.
Also during the closing session,158 listed securities have been traded in; 94 declined, 21 advanced; while 43 kept their previous levels.
Arab and foreign investors were net sellers Tuesday seizing getting 6.82 percent and 8.91 percent respectively of the total markets, with a net equity of 27.254 million pounds and 84.005 million pounds, respectively, excluding the deals.
On the contrary, local investors were net buyers seizing 84.27 percent of the total market, with a net equity of 119.260 million pounds, excluding the deals.