Egypt’s stocks take sharp dive, main index ends week 3.63% lower as Russia invades Ukraine

Egypt’s stocks (EGX) plunged on Thursday after Russian President Vladimir Putin launched an invasion of Ukraine.

The Russian president said he had authorised what he called a special military operation though Ukraine and Western governments described it as a full-scale invasion.

U.S. President Joe Biden vowed “severe sanctions” to be imposed on Russia after the attacks, with Europe’s leaders also planning to also freeze assets and shut Russian banks out of their financial markets.

Indices  

Benchmark EGX 30 index slightly slide by 3.63 percent to 10,891 points.

EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) dived by 9.02 percent to 1,774 points, while the fixed-weighted index, EGX 30 Capped edged down by 3.02 percent to 13,082 points. In addition, the equal weights index, EGX 50 tumbled by 4.42 percent to 1,858 points.

The all-embracing index, EGX 100 sank by 7.28 percent to 2,721 points.

Market Cap   

The country’s market capitalisation has incurred massive losses worth 24.4 billion Egyptian pounds ($1.5 billion), ending the trading at 689.285 billion pounds.

Trading Aggregates            

Trading value has approximately reached around 1.1 billion pounds, while the trading volume has almost recorded around 473.615 million securities executed 47,641 transactions.