EGX Incurred Losses of EGP 30 Billion in Week

The Egyptian Stock Exchange (EGX) recorded losses of EGP 30.3 billion during the trading week, to close the market capital at the level of EGP 690.5 billion, compared to EGP 720.8 billion during the last week trading, a decrease of 4.2%.

The First Abu Dhabi Bank (FAB) decided to withdraw the non-binding offer made in February 2022 regarding the possible acquisition for cash of a majority stake in EFG Hermes Holding, one of the financial services institutions listed on the stock exchange.

The bank confirmed in a statement yesterday that this came after careful study and in light of the ongoing instability in global markets and economies, it had withdrawn the offer.

In terms of indices, the EGX30 index closed at 10,679.55 points, recording a decrease of 3.8%. While the EGX70 EWI index recorded a decline of 6.57% to close at 1,776.2 points, while the S&P index recorded a decrease of 5.9% to close the period at 1,714.66 points.

As for the EGX30 capped index, it recorded a decline of 4.05%, closing at 13,037.55 points. While the EGX100 EWI index recorded a decrease of 6.21%, to close the period at 2,703.16 points.

EGX announced last Tuesday that purchase deals were executed through the mechanism of high-volume deals on shares in 5 companies listed on the stock market with a value of about $1.879 billion.

Earlier, one of the sources revealed that one of the sovereign wealth funds in Abu Dhabi agreed with Egypt to invest about $2 billion by buying state-owned stakes in some companies, adding that part of the agreement with “ADQ Holding” includes the purchase of about 18% of the Commercial International Bank (CIB). It also includes the acquisition of stakes in 4 other companies listed on the stock market in Egypt, including Fawry for e-payments.