EGX ends in red after losing early gains
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) ended on a negative note after trimming Sunday’s morning gains due to selling pressures led by local institutions and Arab retailers.

The benchmark index EGX30 reversed its morning gaining streak and ended  0.81 percent lower, registering 8,523.8 points, and down from 8,593 points Thursday. The small and mid-cap index EGX70 also declined 0.65 percent, reaching 568.4 points compared to 572.2 points in the last session, and the broader index EGX100 dropped 0.81 percent to register 1,041.9 points.

Market capitalization shed around 2.1 billion EGP ($293.6 million), totaling 484.5 billion EGP compared to 486.7 billion EGP Thursday. Turnover edged up to 1.19 billion EGP.

During Sunday’s trading, 100 stocks slipped, 48 went up and 28 remained stagnant.

Last week, the EGX indexes plummeted and market capitalization shed around 37.9 billion EGP amid intensive selling pressures triggered by the collective dip of global markets due to mounting concerns about looming economic turmoil.

The gloomy economic forecast came largely in response to the IMF downgrading its global growth forecast for both 2014 and 2015.

The fund expected world economic growth to hit 3.3 percent in 2014, down 0.1 percent from its July forecast. While in 2015, it predicted 3.8 percent growth, down 0.2 percent from earlier expectations.

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