Egyptian stocks expect 2018’s worst fall following Dow Jones plunge

Egypt’s stocks closed in red on Tuesday following a sharp fall in the Dow Jones and the European stock market since Friday.

The market capital lost 15 billion pounds, the worst since the start of this year, closing at 841.2 billion pounds.

The main EGX30 securities index dropped by 1.63 percent to 14717.98 points, while the equally weighted EGX50 dropped by 2.37 percent, reaching 2597.22 points.

The EGX20 capped index saw a decrease of 1.39 percent to 14417.29 points.

The small and medium enterprises EGX70 dropped by 2.44 percent to 838.61.

All-embracing EGX100 decreased by 1.99 percent, registering 2010.22 points.

World stock markets continued a steep decline for a fourth day running on Tuesday, seeing higher interest rates and overcooked valuations wipe $4 trillion off what just eight days ago had been record highs.

Europe’s main bourses were down around 2.5 percent, and Wall Street futures also pointed to more losses as “fear gauges” of market volatility leapt to their highest level since a surprise devaluation of China’s currency in 2015.

The Dow’s plunge on Monday set off global shock waves. Japan’s Nikkei 225 fell 4.73 percent on Tuesday and China’s Shanghai SE Composite Index was down 3.35 percent.

In the biggest global sell-off since 2016, financial markets from Asia to Europe to the United States were rocked primarily by concerns about inflation.

Source: Ahram online

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