EGX shows mixed performance at open, sheds 1.2B EGP
Egyptian Exchange - AFP/Marco Longari
By YASMINE SAMRA

CAIRO: The Egyptian Exchange (EGX) opened on mixed note Monday, as the benchmark index EGX30 extended its losing streak hurt by selling pressures on the market bellwether CIB.

The EGX30 fell by 0.6 percent, registering 8,472 points, and down from 8,523.8 points Sunday. In turn, the small and mid-cap index EGX70 rose by 0.1 percent, reaching 569 points compared to 568.4 points in the last session, while the broader index EGX100 lost 0.07 percent to register 1,041 points.

Market capitalization shed around 1.2 billion EGP ($167.7 million), totaling 483.3 billion EGP compared to 484.5 billion EGP Sunday.

During the morning trading, 53 stocks slipped, 41 went up and 25 remained stagnant.

The EGX indexes rode a sharp downward correction starting last week, and capitalization shed around 37.9 billion EGP battered 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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