EGX indexes tummle in Q2, equities shed $2.75B
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) inched lower during the second quarter of 2015, and market capitalization incurred losses valued at 21.03 billion EGP ($2.75 billion,) according to its quarterly report.

During the said period, the benchmark index EGX30 slipped 8.36 percent to end at 8,372 points.

Meanwhile, the small and mid-cap index retreated 14.09 percent, ending the said period at 445 points. The broader index EGX100 also posted a 9.93 percent slump to end June at 942 points.

Market capitalization dropped to 485.17 billion EGO at the end of the 2nd quarter, dowm from 506.2 billion EGP at its beginning.

Turnover amounted to 48.7 billion EGP, compared to 79.8 billion EGP in the first quarter.

Egypt’s market rode a downward wave during the few three months, reversing analysts’ expectations of a strong rebound following Cabinet’s decision in May to postpone a 10 percent capital gains’ tax for two years, in an effort to maintain competition and investments in EGX.

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