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EGX suffers EGP 14bn loss in 2019 despite recovery of Egyptian economy

EGX suffers EGP 14bn loss in 2019 despite recovery of Egyptian economy
The EGX70 index went down by 22.97%

By: Heba El Kordy

Cairo – Mubasher: Despite the positive outcomes of Egypt’s economic reform programme, the Egyptian Exchange’s (EGX) market capitalisation lost EGP 14 billion during the full year 2019, with lower liquidity.

The benchmark index, EGX30, grew by 925.79 points, or 7.1%, to 13,961.56 points.

2019 was a bad year and the increase in the benchmark index does not duly reflect performance, head of the business development and strategy department at Pioneers Securities Mohamed Gab Allah told Mubasher.

The reason behind the growth of the EGX30 was a 40% surge in the stock of the Commercial International Bank, Gab Allah added.

During 2019, the EGX’s trading volume dropped 35% year-on-year and liquidity plunged 43%, compared to 2017, the analyst revealed.

The EGX70 index went down by 22.97% and EGX100 shed 19.05%. The equally-weighted EGX50 levelled down by 8.48%.

Market capitalisation decreased to EGP 708.26 billion in 2019, from EGP 723.05 billion in 2018.

 

Translated by: Muhammad Abdul-Wakeel