In Week, Egypt Stocks Lose EGP37.9bn on Global Growth Concern

In a week, Egypt’s stock Exchange (EGX) incurred massive losses worth 37.9 billion Egyptian pounds (US$5.3 billion) driven by concerns that global growth is slowing. This comes after a recent report by the International Monetary Fund (IMF), which cut its economic growth forecasts for many countries in the Middle East, citing the impact of political unrest as well as a weaker global outlook.

Accordingly, the country’s main stock index, EGX30 ended this week at an eleven-week low, dived by 10% in a week, with a decline of 959 points, ending Thursday’s transactions at 8593 points, versus 9552 points at the end of a week earlier.

The main gauge index registered its highest point on Sunday closing at 9163.81 points, whereas its lowest point recorded on Thursday at 8593.51 points.

In addition, the mid- and small-cap index, the EGX70 sank in a week by 12% closing at 572 points during Thursday’s session, compared to 651 points at the end of a week earlier. The price index, EGX100 also plummeted by 11.2% concluding by 1050 points during Thursday’s session, against 1182 points at the end of a week earlier.

Furthermore, the market capitalization closed at EGP 486.711 billion last Thursday, compared to EGP 524.659 billion at the end of a week earlier.

Turnovers

Through the week, the trading volume hit around 875.7 million securities. For the traded value, it reached around EGP 4.1 billion.