EGX widens bearish performance amid concerns over MSCI’s review
Egyptian Exchange (EGX) - YOUM7(ARCHIVE)

CAIRO: The Egyptian Exchange (EGX) extended its losing streak at the close of Tuesday’s session, amid investors’ anticipation of MSCI Inc’s decision on Egypt’s market.

The MSCI Inc, a leading provider of research-based indexes and analytics, is set to release the results of its annual market classification review Tuesday shortly after 5:00pm Eastern Daylight Time, it said in a statement posted on its website.

Battered by Arab and foreign selling pressures, the benchmark index EGX30 declined 0.13 percent, to end at 8,661 points, down from 8,672 points on Monday.

Further, the small and mid-cap index EGX70 retreated 0.71 percent to end at 452.8 points, compared to 456 points in its last session. The broader index EGX100 fell by 0.46 percent, registering 961.5 points.

Market capitalization shed around 400 billion EGP ($52.41million,) totaling 492 billion EGP, down from 492.4 billion EGP Monday.

In its quarterly review issued in May, the MSCI excluded Egypt’s 80 percent state-owned fixed line monopoly Telecom Egypt (TE) and added two companies listed in Qatar and another in Dubai.

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