Egyptian Exchange sees worst losses in 28 months

The Egyptian Exchange (EGX) witnessed a negative performance in May, amidst a strong correction wave that followed the main index surging to new all-time highs in previous months.

The benchmark index EGX30 ended an eight-month rising streak and ended May in losses, dropping 10.28 percent, its highest weekly decline since January 2016, closing at 16,414.53 points, losing a staggering 1,881.04 points.

Traded values reached 18.7 billion pounds, with volumes amounting to 3.6 billion shares.

Meanwhile, the market cap went down by 75.8 billion pounds to 930.39 billion pounds, compared to 1.006 trillion pounds at the end of April.

The small and medium enterprise index EGX70 fell 3.94 percent, and ended May at the level of 842.66 points, while the broader index EGX100 plunged 7.31 percent to 2,138.24 points.

Similarly, the equal-weighted index EGX50 decreased by 8.32 percent to 2,819.74 points.

Egyptian and Arab investors were net sellers at 3.5 billion pounds and 202 million pounds, respectively, while foreign investors were net buyers at 3.7 billion pounds.