Last Update 21:42
Tuesday, 11 May 2021

Egypt’s stock market suspends trade on 79 shares as market dips below 5% decline benchmark

Doaa A.Moneim , Monday 16 Mar 2020
Egypt’s stock exchange
Egypt’s stock exchange (Photo: Reuters)

Following global stock market deterioration, the Egyptian Stock Market (EGX) continued its deteriorating performance for the second day in a row on the back of the coronavirus pandemic.

The EGX has resorted to suspending trades for half-an-hour as 79 shares in 29 companies surpassed the decline benchmark of 5 percent.

This suspension is the fourth since the beginning of March.

EGX30 has lost more than 800 points in the opening sessions with a drop rate of 8 percent, which exceeds the drop benchmark of 5 percent.

With this deterioration, EGX30 has seen the biggest drop among all Arab stock markets.

EGX100 also declined 40.70 percent, which is the fifth decline of the index in 2020, and EGX70 dropped by 3.72 percent.

By the mid trading sessions, all indices have continued to fall, as the EGX30 decline increased to record 8.4 percent, EGX70 dropped by 6.6 percent, while EGX100 fell by 5.5 percent.

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