EGX plunges over traders’ panic over Friday protests
Egyptian Exchange - AFP/Marco Longari

CAIRO: The Egyptian Exchange (EGX) plunged Monday, hurt by an intensive selling spree triggered by investors’ panic over calls for mass protests on Nov. 28.

The benchmark index EGX30 fell by 1.27 percent, registering 9,156 points compared to 9,274 points Sunday. The small and mid-cap EGX70 dropped 2.21 percent, recording 625.4 points compared to 639.5 points in the last session, and the broader index EGX100 also decreased by 1.61 percent to register 1,129 points.

Market capitalization fell sharply, shedding around 12 billion EGP ($1.67 billion), totaling 513.3 billion EGP compared to 525.4 billion EGP Sunday.

“Investors’ fears over calls to protest next Friday are the key reason behind the overwhelming selling pressure,” Amr el-Feky, portfolio and asset manager at Cairo Funds Management, told The Cairo Post Monday. “This panic was reflected on their behavior inside the market.”

Hammered by the negative performance of blue chips, the benchmark index was dragged by heavy sell-offs toward its support level of 9,150 points, Feky added, saying he expected the main index to extend its losing streak  in the next session to approach 9,000 points.

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