EGX dips on foreign institutions’ sell-offs
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) plunged at the close of Monday’s session, battered by foreign institutions’ sales.

The benchmark index EGX30 tumbled 0.42 percent to end at 7,594 points, down from 7,626 points in the previous session.

Further, the small and mid-cap index EGX70 dropped 0.02 percent to end at 428.5 points, compared to 428.6 points in the last session.

The broader index EGX100 also dipped 0.62 percent to close at 895.4 points, after 901 points on Sunday.

Market capitalization recorded 468.5 billion EGP at the end of Monday’s session.

EGX posted a sharp slip at the close of Sunday’s session, after Egypt froze assets owned by chairman of Juhayna Food Industries on alleged ties to the Muslim Brotherhood (MB.)

The decision excluded the assets of Juhayna, as it is a joint stock company, according to the head of the committee formed to seize and manage the assets of the MB.

On Sunday, Juhayna sank 7.51 percent after state-news agency MENA reported Thursday that the EGX would freeze company shares owned by its chairman Safwan Thabet on alleged links to the MB, upon receiving an official request.

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