Egypt Stock Exchange lost US$6 billion so far in September
The Egyptian Stock Exchange registered during the last 10 sessions its worst performance since the crash following the global crisis in 2008. The bourse lost over these 10 sessions about 36 billion pounds (some US$6 billion) of its value.
Financial experts claim the bourse had suffered during the last ten sessions from the ongoing calls to organize mass protests and strikes. All of these had an adverse impact on the investors who rushed to sell their equities.
As a result, the stock exchange market capitalization lost 36.1 billion pounds, or 9.6% of its value. On September 4, the market cap amounted to 384 billion pounds but last Thursday it declined to 347.1 billion pounds.
The main index – “EGX30″, which measures the performance of the top 30 listed companies in the market, fell by 6.3%, equivalent to 296.82 points to close last Thursday at 4364.60 points, compared to 4.661.42 points at the beginning of the month.
Another index – “EGX70″, which measures the stock performance of small and medium enterprises, lost 9.49%, equivalent to 56.7 points. It closed on Thursday on 540.55 points, compared with 597.25 points at the beginning of September.
Ahmed Attefy a financial markets expert explained that the crisis of the euro began to show its negative effects since the beginning of the year and increased markedly after the first half of this year. It increased the anxiety among the dealers and especially foreign institutions. (Source: www.yallafinance.com)