Local, Arab sell-offs weigh on Egypt’s EGX early Thursday

The indices of the Egyptian Exchange (EGX) were dragged down by Egyptian and Arab selling early Thursday.

By 10:25 am Cairo time, the benchmark EGX30 index plummeted 1.28% to 13,076 points.

The small- and medium-cap EGX70 index slipped 0.17% to 684.7 points, whereas the broader EGX100 index tumbled 0.44% to 1,712 points.

The equal-weighted EGX50 index fell by 1.55% to 2,036 points.

Trading volume amounted to 22.2 million shares exchanged through 2,600 transactions at a turnover of EGP 85.4 million.

Foreign investors were net buyers with EGP 52.4 million, while Egyptian and Arab investors were net sellers with EGP 49.3 million and EGP 3.2 million.

The heavyweight Commercial International Bank (CIB) dropped 1.17% to EGP 80.