EGX hits 20-months low, shed $5.2B this week
The Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) plummeted this week, and its market capitalization shed around 40.8 billion EGP ($5.2billion,) hurt by internal and external factors.

The benchmark index EGX30 plunged 8.97 percent to end the week at 7,173 points, the lowest level since January, 2014.

Also, the small and mid-cap index EGX70 slid 7.07 percent to close the week at 410 points, down from 441 points in the previous week.

The broader index EGX100 also retreated 6.35 percent to close at 863 points, compared to 921 points in the previous week.

Total turnover amounted to 5.2 billion EGP, 1.24 billion securities traded over 103,000 transactions, compared to 3.7 billion EGP and 738 million securities traded over 92,000 transactions a week earlier.

Egypt’s market shaded European and Arab markets’ dips on concerns over an imminent economic crisis.

Locally, the market was battered by freezing the assets of the chairman of Juhayna Food Industries, Safwan Thabet, 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.

Additionally, the Egyptian Competition Authority has referred Oriental Weavers to the attorney general on accusation of “monopolistic practices.”

“Oriental Weavers agreed with several distributors not to distribute products made by any company that it competes with,” the Competition Authority said in a statement.

The carpet manufacturer would face a fine of up to 300 million EGP, if a court rules against it, according to the statement.

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