EGX sinks on April 6 as US tariffs spark global recession worries
The Egyptian Exchange (EGX) closed sharply lower on Sunday, as investor sentiment took a hit following sweeping US tariff hikes that reignited fears of a global economic slowdown.
The sell-off followed Wednesday’s announcement by US President Donald Trump of a blanket 10 per cent baseline tariff on all imports, with higher rates targeting dozens of countries, including key trading partners. The move stoked fresh concerns over escalating trade tensions and the potential for a global recession.
The benchmark EGX30 index dropped 3.34 per cent, closing at 30,639.52 points, while the EGX33 Shariah-compliant index fell 3.75 per cent to 3,198.49 points.
The EGX70, which tracks small and mid-cap stocks, suffered the steepest loss, plunging 4.84 per cent to 8,649.18 points. The broader EGX100 index declined 4.58 per cent, ending the session at 11,941.06 points.
Total market capitalisation stood at approximately 2.17 trillion Egyptian pounds.
Egyptian investors were net sellers, with outflows of 131.7 million pounds, while Arab and non-Arab foreign investors were net buyers, with net inflows of 45.5 million pounds and 86.3 million pounds, respectively.
Top gainers
- Shares of Alexandria Pharmaceuticals rose by 7.56 per cent, to close at the price of 441.370 Egyptian pounds a share.
- Shares of El Wadi for International and Investment Development climbed by 4.91 per cent, to trade at the price of 1.047 Egyptian pounds a share.
- Shares of El Ahram Co. for Printing and Packing jumped by 3.74 per cent, to the purchasing price of 9.720 Egyptian pounds a share.
Top losers
- Shares of Alexandria National Company for Financial Investment fell by 11.79 per cent, to close at 18.710 Egyptian pounds a share.
- Shares of Arab Real Estate Investment CO.-ALICO declined by 9.01 per cent, to close at 2.020 Egyptian pounds a share.
- Shares of Sinai Cement dropped by 8.76 per cent, to close at the price of 35.600 Egyptian pounds a share.
Subediting: Y.Yasser
AfDB 2023