Egyptian Stock Market losses total 2.3 billion pounds

Egyptian stock indices fell at the end of Thursday’s trading due to the massive sale of blue chip stocks in the absence of any stimuli.

The benchmark index EGX 30 fell by about 0.94 per cent to stand at 7949.6 by the close. The index for small and medium-sized shares, Eiji X 70, declined at a lower rate of 0.59 per cent and closed at 645.35 points. The losses extended to the broader Eiji X 100 index, which lost 0.54 per cent to close at 1103.66.

The market capitalisation of the listed stocks lost nearly 2.3 billion Egyptian pounds to stand at 488.67 billion pounds; the weekly losses were recorded at around 3.2 billion pounds. Brokers explained the falls in the context of strong sales, despite foreign and Arab investment and purchases.

“The absence of stimuli,” said one broker, “has combined with the fact that Al-Sisi hasn’t announced his intention to run for presidential elections to push dealers to limit sales in an attempt to make a profit until a clearer vision is set out.”