Egypt’s stocks slide after Russia moves troops on Ukraine war fears

Egypt’s stocks (EGX) plunged on Tuesday after Russian President Vladimir Putin recognized two self-proclaimed separatist republics in eastern Ukraine and ordered the sending of what he called “peacekeeping forces” to the regions.

The intensification of the crisis in Ukraine has sent global stocks falling and crude oil surging. On Monday evening, Russian President Vladimir Putin has recognised in a lengthy televised address the territories of Donetsk and Luhansk as independent states. The Russian leader later ordered his military to enter the Russian-controlled areas of southeast Ukraine.

United States, European, and other countries have condemned the Russian move and threatened to impose tough sanctions.

Indices

Egypt’s benchmark EGX 30 index slid by 1.73 percent to 11,302 points.

EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) tumbled by 1.05 percent to 1,940 points, while the fixed-weighted index, EGX 30 Capped dropped by 1.37 percent to 13,464 points. In addition, the equal weights index, EGX 50 decreased by 1.04 percent to 1,936 points.

The all-embracing index, EGX 100 sank by 1.20 percent to 2,920 points.

Market Cap   

The country’s market capitalisation has incurred losses worth around 8.3 billion Egyptian pounds ($531 million), ending the trading at 712.450 billion pounds, driven by local and Arab investors’ selloff.

Trading Aggregates            

Trading value has approximately reached around 836.850 million pounds, while the trading volume has almost recorded around 296.042 million securities executed 35,145 transactions.