Egypt’s stock market plunges on CIB
The benchmark EGX 30 index plunged 1.03 percent to 10,987 points as the Egyptian Exchange (EGX) halted trading in shares of CIB upon a request from the country’s financial regulatory authority (FRA), without citing sufficient reasons, leaving investors in the dark.
The EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) dived 5.08 percent to 1,821 points, while the fixed-weighted index, EGX 30 Capped lost 1.56 percent to 12,754 points. The all-embracing index, EGX 100 sank 4.45 percent to 2,692 points. Meanwhile, the equal weights index, EGX 50 dropped 3.22 percent to 1,989 points.
Total market capitalisation has incurred losses worth 8.7 billion Egyptian pounds ($553.7 million) to close at 609.119 billion pounds on Thursday.
Also on Thursday, the trading value has approximately reached 1.9 billion pounds, while the trading volume has almost recorded 403.8 million securities executed 45,013 transactions.