Egypt’s stock market plunges on CIB

Egypt’s stock market (EGX) ended lower on Thursday, pulled down by the suspension of trading in shares of the Commercial International Bank (CIB), one of the country’s biggest banks.

The benchmark EGX 30 index plunged 1.03 percent to 10,987 points as the Egyptian Exchange (EGX) halted trading in shares of CIB upon a request from the country’s financial regulatory authority (FRA), without citing sufficient reasons, leaving investors in the dark.

The EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) dived 5.08 percent to 1,821 points, while the fixed-weighted index, EGX 30 Capped lost 1.56 percent to 12,754 points. The all-embracing index, EGX 100 sank 4.45 percent to 2,692 points. Meanwhile, the equal weights index, EGX 50 dropped 3.22 percent to 1,989 points.

Market Cap   

Total market capitalisation has incurred losses worth 8.7 billion Egyptian pounds ($553.7 million) to close at 609.119 billion pounds on Thursday.

Trading Aggregates    

Also on Thursday, the trading value has approximately reached 1.9 billion pounds, while the trading volume has almost recorded 403.8 million securities executed 45,013 transactions.