EGX extends losing streak, benchmark dips 1.5%
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) lost ground on Tuesday, hurt by institutions’ sell-offs, extending its bearish performance for a third straight day.

The benchmark index EGX30 slipped 1.5 percent to end Tuesday at 7,753 points, down from 7,871 points on Monday.

The market bellwether, CIB, lost 0.41 percent to close at 52.98 EGP per share, compared to 53.49 EGP per share on Monday.

Further, the small and mid-cap index EGX70 dropped 1.4 percent to end at 419 points, compared to 425 points in its last session. The broader index EGX100 also dipped 1.54 percent to close at 888.62 points.

Market capitalization shed around 4.8 billion EGP ($613 million,) totaling 479.3 billion EGP, down from 484.1 billion EGP Monday.

Egypt’s market rode a sharp downward wave amid growing concerns over wide-scale militant attacks in Egypt’s restive North Sinai shortly after the assassination of Attorney General Hisham Barakat in a car bombing Monday last week.

The EGX posted a sharp slip on Monday, hammered by selling pressures a day after listing leading property developer Emaar Misr, a subsidiary of the UAE’s Dubai-based developer Emaar Properties, which started trading on Sunday at an opening price of 3.8 EGP/share.

On Tuesday, Emaar Misr declined 2.25 to hit 3.47 EGP at close, compared to 3.55 EGP on Monday.

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