Egypt's stock exchange temporarily halted after broader index EGX 100 losses exceed 5%

Ahram Online , Sunday 15 Mar 2020

Egypt Stock Exchange (Photo: Reuters)

Trading on Egypt's stock exchange stopped for half-an-hour shortly after the start of the Sunday trading session due to the decline of the all embracing EGX100 index by more than 5 percent.

The EGX30 benchmark index continued a sharp decline after the session's resumption, dropping by 9.09 percent at 10,177 points during the first two hours of the session.

The broader EGX70 fell by 6.12 percent by the middle of Sunday's session. 

In the first two hours of Sunday's session, the market capital lost about EGP 36.6 billion to reach EGP 563.2 billion.

Since the beginning of 2020, the performance of the Egyptian Stock Exchange (EGX) has witnessed ups and downs, especially in the two key indices EGX100 and EGX30, which forced the EGX to suspend the trading session for half-an-hour on 1 March.

Because of the COVID-19 (coronavirus) epidemic, the EGX started the month in red due to Egyptian and Arab selling, recording losses amounting to $31.98 billion of market capitalisation, with a drop exceeding six percent for both EGX 30 and EGX 100 indices.

However, the EGX started to recover on 2 March and has managed to somehow make up for its losses.

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