EGX stocks tumble amid global downturn
Egypt’s stock exchange (EGX) experienced a sharp decline on Monday, with the benchmark EGX30 index plummeting by 2.33 per cent to close at 27,840.64 points. The downturn mirrored a broader global sell-off triggered by escalating fears of a potential US recession and escalation of tensions in the Middle East region.
Global Panic Selling
A wave of panic swept global financial markets on Monday, triggered by fears of a looming US recession. The Japanese stock market suffered its worst day in history, falling by over 12 per cent. Markets now bet on a Federal Reserve emergency rate cut.
EGX Stocks in Dark Red
The Shariah index, EGX33 plunged by 2.53 to 2,636.92 points.
The small to mid-size enterprises’ index, EGX70 sank by 5 per cent, to 6,168 points.
The index, EGX100 index dived by 4.31 per cent, to 8,898.65 points.
The total market capitalisation recorded 1,890,554,522,386 Egyptian pounds.
Arabs and non-Arab foreigners were net sellers with 65,946,759 Egyptian pounds, and 2,488,297,816 Egyptian pounds, respectively. Meanwhile, Egyptians were mainly buyers with 2,554,244,575 Egyptian pounds.
Top gainers
- Shares of Memphis Pharmaceuticals (MPCI.CA) jumped by 19.98 per cent, to close at the price of 35.430 Egyptian pounds a share.
- Shares of El Kahera El Watania Investment (KWIN.CA) climbed by 12.80 per cent, to trade at the price of 26.430 Egyptian pounds a share.
- Shares of United Arab Shipping (UASG.CA) surged by 4.89 per cent, to the purchasing price of 0.665 Egyptian pounds a share.
Top losers
- Shares of Egyptian Arabian (Themar)Comp. for Securities & Bonds Brok. EAC (EASB.CA) sank by 19.78 per cent, to close at 2.190 Egyptian pounds a share.
- Shares of Iron And Steel for Mines and Quarries (ISMQ.CA) dived by 10.95 per cent, to close at 4.310 Egyptian pounds a share.
- Shares of Rubex International for Plastic and Acrylic Manufacturing (RUBX.CA) tumbled by 10.42 per cent, to close at the price of 6.360 Egyptian pounds a share.
