CAIRO: The Egyptian Exchange (EGX) extended its losing streak at the open of Tuesday’s session amid investors’ panic over calls for mass protests Nov. 28.
The benchmark index EGX30 fell by 0.95 percent, registering 9,069 points compared to 9,156 points Monday. The small and mid-cap EGX70 dropped 0.22 percent, recording 624 points compared to 625.4 points in the last session, and the broader index EGX100 also decreased by 0.32 percent to register 1,125.5 points.
Market capitalization shed 2.9 billion EGP ($405.45 billion), totaling 510.4 billion EGP compared to 513.3 billion EGP Monday.
“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, adding “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 said, adding that the main index is likely to extend its losing to approach 9,000 points.
Egypt’s stock market plunged Monday and market capitalization incurred losses worth 12 billion EGP ($1.67 billion) Sunday, hurt by an intensive selling spree triggered by investors’ growing concerns about Friday protests.