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EGX30 down 7% in week

EGX30 down 7% in week
The Egyptian Exchange

Cairo - Mubasher: The Egyptian Exchange (EGX) saw a negative performance in the first week of December, with market capitalization falling to its lowest level since the flotation of the local currency.

The benchmark index EGX30 dropped 6.9% or 931 points to close at the level of 12,387 points, its lowest since April 2017.

The small and equal medium sized enterprise index EGX70 declined by 3% to 661.03 points, while the broader index EGX100 lost 3.4% and settled at 1,647 points.

Market cap plummeted to its lowest level since September 2017 to EGP 712.8 billion, compared with EGP 750.7 billion last week.

The Egyptian Exchange has been witnessed pressure from the recent tax reforms and changes in debt instruments return levels, as well as a negative performance by CIB and bank stocks.