CAIRO: Egypt’s Stock Exchange extended its losing streak at the open of Wednesday’s session amid the sideways trading as the Benchmark index EGX30 dropped by 0.52 percent registering 8471.13 points, down from 8,484 points at Tuesday’s close.
The EGX70 went down by 0.68 percent at 550.77 points while the EGX100 dropped by 0.65 percent registering 1040.11 points.
The index EGX30 has fluctuated this week, losing over 4 percent Sunday, and then showed a slight recovery of 1.34 percent.
The Egyptian exchange has been dramatically affected by the plunge of the Gulf oil price; the price of oil decreased to $ 60 per barrel.
“The market plummeted after Saudi Arabia rejected 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,” Ahmed Abdel Rahman, chief technical analyst at Helwan Securities, told The Cairo Post.