Dubai \u2013 The Egyptian stock exchange experienced violent losses during its first trading session of the week, with most stocks facing intense selling pressure. This surge in volatility forced the exchange management to suspend trading for half an hour after the main index plummeted by 10 percent. Although the market managed to narrow its losses by the end of the session, the damage was significant.<\/p>\n
The market capitalization of listed shares recorded a decline of 4.32 percent, amounting to 170.8 billion Egyptian pounds, equivalent to approximately 3.058 billion US dollars. This drop occurred after the value stood at 3948.8 billion pounds, or 70.703 billion dollars, during last week\u2019s closing. By the close of Sunday\u2019s session, it reached 3778 billion pounds, or 67.645 billion dollars.<\/p>\n
These stock market losses coincided with turbulence in the foreign exchange market. The Egyptian pound incurred new losses against the US dollar, with the American currency trading at 55.85 pounds in most Egyptian banks during recent sessions. This currency weakness added further pressure on local equities and investor sentiment across the board.<\/p>\n
All major indices registered declines led by the main EGX 30 index. The EGX 30 fell by 3.56 percent to close at 49234 points, while the EGX 30 Total Return Index dropped similarly by 3.56 percent to finish at 22973 points. The low-volatility price index slid by 7.47 percent, closing at 5475 points.<\/p>\n
Smaller and mid-cap indices suffered heavier losses. The EGX 70 Equal Weighted index decreased by 11.07 percent to close at 15282 points. Meanwhile, the EGX 100 Equal Weighted index fell by 8.88 percent, ending at 21064 points. The Islamic Sharia index also declined by 5.24 percent, closing at 5721 points.<\/p>\n
Total trading value reached approximately 6.8 billion pounds, or 0.121 billion dollars, through 246.1 thousand transactions. Among 224 traded stocks, 209 saw price declines, while only ten rose and five remained stable. Local investors recorded net purchases of 47.6 million pounds, and Arab investors bought 32.6 million pounds. Conversely, foreign investors posted net sales of 80.2 million pounds.<\/p>\n
Housing and Development Bank led gains with a 10.26 percent rise, followed by Al Nasr for Agricultural Products Manufacturing at 4.98 percent. On the downside, Qara Energy and Investment Projects and North Cairo Mills and Bakeries both hit their daily limits, falling by 20 percent each.<\/p>\n
This story was produced in the newsroom from the disclosed sources named above.<\/em><\/p>\n