Egypt’s market loses $26B in one week, EGX30 drops 5 percent

Published May 16th, 2015 - 11:10 GMT
Egypt's market dropped sharply this week after MSCI's decision to exclude Telecom Egypt from its emerging markets index on Tuesday.
The benchmark EGX 30 Index this week plunged 5.02 percent to a five-month low of 8,303 points, the Egyptian Exchange data showed.
Meanwhile, the small and mid-cap index EGX70 and the broader EGX70 index went down by 6.29 percent and 4.67 percent, respectively.
The EGX market capital lost LE19.44 billion (US$26 billion) to hit LE482.2.billion, compared to LE 501.64 billion last week.
With only three Egyptian companies left in the MSCI index, Commercial International Bank (CIB), Talaat Moustafa Group and Global Telecom, some analysts have said the country risks eventually being excluded from the benchmark completely, according to a Reuters report.

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