Egyptian Stock Exchange sees loss of USD650M during this week

(MENAFN) The Egyptian Stock Exchange experienced a loss of approximately 32.9 billion pounds (USD650 million) during the week, reducing the market capitalization of listed companies to 2.230 trillion pounds. This represents a decline of 1.5 percent in overall market value. The drop in market capitalization was felt across various indices, reflecting a broad downturn in investor sentiment.

The EGX 30, which is the main market index, fell by 0.87 percent, closing at 30,526.71 points. Smaller companies were also affected, with the EGX 70 index, which tracks small and medium-sized stocks, declining by 1.92 percent to reach 8,410.64 points. The EGX 100, a broader index that combines both large and small stocks, recorded a loss of 1.72 percent, closing at 11,532.93 points, further signaling the downturn across the market.

Despite the losses, the total value of trading on the Egyptian Stock Exchange for the week amounted to approximately 455.8 billion pounds. The total trading volume reached around 7.890 billion shares, which were exchanged through 499 thousand transactions. This level of activity indicates that while the market saw losses, trading continued at a high volume.

The decline in market indices and capitalization highlights the challenges faced by the Egyptian Stock Exchange during the past week. The figures reflect the broader economic trends affecting investor confidence, with fluctuations in stock values impacting the market's overall performance.

MENAFN22122024000045015839ID1109020595