EGX posts further plunge, sheds $1.6B on foreign sales
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) widened its slump at the close of Tuesday’s session, hammered by foreign sales.

The benchmark index EGX30 plunged 2.58 percent to end at 7,398 points, down from 7,594 points in the previous session.

Further, the small and mid-cap index EGX70 dropped 2.56 percent to end at 418 points, compared to 428.5 points in the last session.

The broader index EGX100 also dipped 1.73 percent to close at 879.9 points, after 895.4 points on Monday.

Market capitalization shed around 12.4 billion EGP ($1.58 billion,) totaling 456.1 billion EGP, down from 468.5 billion EGP on Monday.

The EGX rode a sharp slip since Thursday after Egypt froze the assets of the 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.

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