CAIRO: The Egyptian Exchange (EGX) plunged at open, losing 3.58 percent of the benchmark index EGX30, which registered 8,484 points, down from 8,832 at Monday’s close.
The index has fluctuated this week, losing over 4 percent Sunday, then showed a slight recovery Sunday of 1.34 percent.
The EGX70 index also marked a steep drop of 4.41 percent in the morning’s trading, continuing a steady downward trend this week, slipping from 628 points on Dec. 10 to 554 points Tuesday morning.
Last week market capitalization shed around 14 billion EGP ($2 billion.)
“The market plummeted after Saudi Arabia rejected [last] Sunday to cut its oil output despite the remarkable increase in supply which triggered oil to the lowest level since July, 2009 to hit $63 per barrel Friday,” said Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post Saturday.