Egypt’s stock exchange plunges at early trade as coronavirus fear spreads worldwide

Egypt’s stock exchange (EGX) plunged in early trade on Monday exacerbated by fears surrounding the coronavirus spread locally and globally.

The benchmark EGX 30 index dived 5.22 percent to 11,231 points. The broad ranged EGX 100 index also sank 5.24 percent to 1,229 points.

Egypt announced on Sunday the first fatality from the coronavirus after a 60-year-old German citizen died of the flu-like virus in Hurghada. The German tourist showed symptoms of a high fever when he arrived from Luxor to Hurghada, Khaled Mugahid, an adviser to Egypt’s Minister of Health sent in a statement. The patient later went to Hurghada General Hospital on Friday to receive medical care.

The flu-like pandemic fears have wiped out 22.7 billion Egyptian pounds ($1.4 billion) from the Egyptian stock exchange’s market capitalisation at early trade.

Stocks worldwide also tanked on Monday as oil prices plunged by more than 30 percent after OPEC failed to strike a deal with its allies on production cuts.  The declines were also because global investors are bracing for the spread of the coronavirus.

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