Brexit drags Egypt bourse to close week 4.3% lower

In a week followed by the U.K.’s vote to leave the European Union sparking biggest 2-day global stock rout in history, Egypt’s main index ended weekly traded 4.28 percent lower.

Global equity markets lost last week a record $3.01 trillion since Friday’s Brexit results, making it the largest two-day loss to S&P’s Global Broad Market Index, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

In four sessions, Egypt’s market capitalisation incurred weekly losses worth 10.114 billion Egyptian pounds ($1.1 million) ending at 382.553 Egyptian pounds on Wednesday.

The Egyptian bourse has halted suspend trade on Thursday, on the occasion of the third anniversary of June 30 mass protests against Muslim Brotherhood-led then-president Mohamed Morsi.

Indexes: The main gauge index, EGX30 registered its highest point on Wednesday closing at 6942.52 points, whereas its lowest point recorded on Sunday at 6852 points.

Mid- and small-cap index, EGX70 increased 0.86 percent in a week closing at 351 points during Thursday’s session, compared to 348 points at the end of a week earlier.
Price index, EGX100 plummeted 0.18 percent finishing at 743.6 points during Thursday’s session, from 745 points at the end of a week earlier.

Weak Turnovers
During week, the trading volume hit around 419.866 million securities, compared to 647.6 million. For the traded value, it reached 1.5 billion pounds against 1.3 billion pounds a week earlier.

During Ramadan, the trading sessions start at 10 a.m. Cairo Local Time (8:00 GMT) and end at 1:30 p.m. (11:30 GMT), reducing trading hours by one hour.