Egypt stocks suffer worst one-day drop since December 2013

Fears of a China-led global economic slowdown drove Cairo stocks to their steepest one-day drop since December 2013 on Sunday. The Egyptian bourse shed heavy losses worth 15 billion Egyptian pounds (US$2 billion) amid local and Arab investors’ broad selloff.

The market capitalisation has recorded 428.613 billion pounds during the closing session of Sunday.

Indices

Egypt’s benchmark index, EGX30 sank 5.42 percent to 6784.09 points.

The newly-launched EGX50 EWI index pushed down 5.89 percent to 1204.51 points.

EGX20 also sank 6.55 percent to 6680.37 points.

In addition, the mid- and small-cap index EGX70 shrank 6 percent to 385.42 points. The price index, EGX100 plunged 4.31 percent to 825.63 points.

Turnovers grow

On Sunday, the bourse’s trading volume has reached 242.145 million securities, with turnovers closed at 1.830 billion pounds, exchanged through 21,771 thousand transactions.

Also during the closing session, 184 listed securities have been traded in; 150 declined, 3 advanced; while 24 kept their previous levels.

Investors’ Activities

Local and Arab investors were net sellers Sunday seizing 95.78 percent and 1.32 percent, respectively of the total markets, with a net equity of 13.198 million and 9.119 million pounds, respectively, excluding the deals.

On the contrary, the non-Arab foreign investors were net buyers capturing 2.9 percent of the total market, with a net equity of 22.318 million pounds, excluding the deals.