EGX Declines 1.67% with Market Losses of EGP 29 Bln amid Escalating Geopolitical Tensions

The Egyptian Stock Exchange (EGX) indices declined collectively at the end of Wednesday's session, with the escalation of geopolitical tensions, as the main index declined and settled at 31,332.7 points, recording market cap losses of EGP 29 billion.

The main index of the stock exchange "EGX30" declined by 1.67% to settle at 31,332.7 points, and the share of "Commercial International Bank", which has the largest relative weight in the main index, recorded a decline of 0.88% to settle at EGP 85.59.

Dr. Mostafa Madbouly said that the escalation of the rapid geopolitical developments witnessed by the region recently imposes an exceptional circumstance that casts its shadows on the economic conditions of its countries, including Egypt, whether through the rise in oil prices, as well as the severe impact on the revenues of the Suez Canal, due to what is happening in the Red Sea.

He stressed that the government is working to secure a strategic stock of basic needs for citizens, in light of the uncertainty the region is experiencing, due to geopolitical tensions and escalating risks.

The market capitalization during the transactions achieved market losses worth 29 billion pounds, to close at 2.172 trillion pounds.

The new Sharia-compliant EGX33 index fell by 0.89% to settle at 3122.25 points.

The EGX70 Equal Weight Small and Medium Enterprises Index fell by 2.24% to close at 7445.04 points, while the broader EGX100 Equal Weight Index fell by 2.04% to close at 10612.4 points.

Trading took place on 1.06 billion shares, with a trading value of EGP 4.43 billion through 137.5 thousand transactions, through trading on 210 shares traded during the session, 16 of which rose, 166 declined, and 28 shares remained unchanged.

As for investors' transactions, Arabs alone tended to sell shares with a net value of EGP 92.6 million, while Egyptians and foreigners tended to buy with a net value of EGP 55.2 million and EGP 37.4 million, respectively.

The net transactions of institutions tended to buy, with the exception of Arab institutions, which recorded a net sale of EGP 35.9 million, while the net transactions of individuals tended to sell, with the exception of foreigners, recording a net purchase of EGP 707 thousand.