Coronavirus fears weighs on EGX despite government stimulus, EGX30 down 2.76%

Fears of consequences of coronavirus quickly re-dominated the minds of investors, erasing the gains of the stimulus package that the government launched to support the Egyptian Exchange (EGX). The Egyptian Exchange (EGX) ended Tuesday’s trading session in decline.

EGX30 fell 2.76 percent to 9770 points, due to pressure from foreign and Arab investors, amid trading volumes declining again to 761.9 million pounds after having exceeded  1 billion pounds pounds before.

The EGX70 index recorded marginal gains of 0.04 percent and closed at 905 points, while the broader EGX100 dropped by 0.96 percent and closed at 1,002 points.

Traded volume amounted to 261.6 million shares, traded through about 26,320 transactions with a turnover of 761.9 million pounds.

The market cap lost  6.9 billion pounds today and closed at 533.89 billion pounds.

Foreign and Arab investors were net sellers at 3.22 billion pounds and 516.11 million pounds, respectively, while Egyptian investors were mostly buyers with a net  3.7 billion pounds.