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EGX falls after raising interest rates 2%

EGX falls after raising interest rates 2%
The main index closed below the level of 12,700 points - (Photo Credit: Arabianeye-Reuters)

Cairo - Mubasher: The Egyptian Exchange (EGX) dropped on Monday’s trading session, pressured by excessive selling by local and Arab investors, after the central bank’s decision to raise interest rates by 2%.

Today, 157 stocks closed in red, while only 10 closed in green, and 18 remained unchanged.

The benchmark index EGX30 dropped 2.52%, losing 326.51 points, the highest decline in a month, and closing at the level of 12,648.24 points.

EGX70 went down 1.57% to 581.18 points, while the broader index EGX100 lost 1.81%, closing at 1,356.6 points.

Meanwhile, the equal-weighted index EGX50 fell 3.96% to the level of 1,986.33 points.

Traded volumes 488.9 million shares with a total turnover of EGP 1.6 billion, through 39,500 points.

Egyptian and Arab investors were inclined to sell, netting EGP 394.10 million and EGP 43.5 million respectively, while foreign investors were net buyers EGP 392.60 million.

Ezz Steel led the declining blue chip stocks, plummeting 9.97%, followed by Citadel Capital and Ghabbour Auto with 9.57%.

The Commercial International Bank (CIB), the stock with the heaviest weight in the main index, decreased 0.83% and closed at EGP 76.40, while Porto rose 3.13%.