EGX bleeds shading global markets, benchmark tumbles 5.4%
Egyptian Exchange - REUTERS
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CAIRO: The Egyptian Exchange (EGX) extended its sharp slip at the close of Sunday’s session, as global market tumbled amid fears about an imminent economic slowdown emerging from China, in addition to a fresh slide of oil prices.

Egypt’s market was also hammered by Saudi stock market’s slump following a Friday decision by Fitch Ratings to downgrade its outlook for the kingdom from “stable” to “negative,” citing lower oil prices.

Meanwhile, the rating agency affirmed Saudi Arabia’s ratings at ‘AA.’

On Sunday, Egypt’s benchmark index EGX30 plummeted 5.42 percent to end at 6,784 points, down from 7,173 points on Thursday.

Market capitalization lost around 15.4 billion EGP ($1.96 billion,) totaling 428.6 billion EGP, down from 444 billion EGP on Thursday.

CIB, the market bellwether, slipped 5.2 percent to close at 45.2 EGP per share, down from 47.68 EGP per share.

Similarly, the small and mid-cap index EGX70 dropped six percent to end at 385 points, compared to 410 points in the last session.

The broader index EGX100 also slid 4.31 percent to close at 825.6 points, after 862.8 points on Thursday.

Last week, Egypt’s plunged around nine percent to 7,173 points, the lowest level since January, 2014, and its market capitalization shed around 40.8 billion EGP ($5.2billion,) hurt by internal and external factors.

 

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