Last Update 21:10
Friday, 21 September 2018

Egyptian stock market indices rise following Tuesday's plunge

Ahram Online , Wednesday 6 Jun 2018
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Reuters)
Share/Bookmark
Views: 2629
Share/Bookmark
Views: 2629

The Egyptian Stock Exchange saw a rise in its indices on Wednesday morning's trading, following a sharp downturn on Tuesday.

The benchmark EGX30 index increased by 0.42 percent to hit 16,089 points.

The small- and mid-cap EGX70 index increased to 0.16 percent, while the broader EGX100 index increased by 0.18 percent.

The Egyptian Exchange (EGX) ended Tuesday in the red after a sharp downturn as market capitalisation lost EGP 15.5 billion, closing at EGP 912.12 billion, amid reports of an upcoming hike in energy prices.

Moatassem Al-Shahidy, a board member of a security brokerage company, says the huge plunge in Egypt's stock market on Tuesday was driven by many investors, funds and companies' decisions to liquidate large amounts of their portfolios in preparation for the Egyptian government's planned offerings of state-owned companies in the stock market, according to state-owned MENA news agency.

"The stock market performance witnessed a decline as investors started to sell off stocks after the government announced its plan to offer shares of a number of state-owned companies during the second half of this year," Al-Shahidy said in statements to MENA.

He pointed out that the government offerings will increase the stock market's liquidity, as each offering will stand at least EGP 1 billion.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.