The Egyptian Exchange (EGX) indices retreated collectively on Monday, while the market capitalisation lost nearly EGP 7.4 billion ($974,000) on heavy selling pressures from local investors.

The benchmark index EGX30 extended its losses for the second day in row, falling 1.62% or 140.18 points to 8,493.68 points, its lowest level in over four months, or since 18 December 2014.

Egypt’s finance minister, Hany Kadry Dimian, previously told the media that the current market declines are a result of normal fluctuating movements.

The small and mid-cap index EGX70 lost 2.81% to 475.05 points, while the broader EGX100 slid 2.18% to 962.75 points.

Turnover amounted to EGP 1.18 billion, while traded volume reached around 165.7 million shares sealed through 21,000 transactions.

Local traders were sellers by EGP 36.8 million, while foreign and Arab traders were buyers by EGP 36.5 million and EGP 320,000, respectively.

Meanwhile, retail traders were net sellers, while institutions were net buyers.

Mohandes Insurance topped the gainers, surging 5.28% to close at EGP 14.50.

Palm Hills led the losers, falling 19.18% to close at EGP 0.73.