Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egyptian Stock Market Indices Continue to Fall for Fourth Session

Sun 31 Mar 2024 | 03:13 PM
By Ahmad El-Assasy

The Egyptian stock market extended its decline for the fourth consecutive session, closing the first session of the week with a collective downturn across its indices on Sunday.

The main index (EGX 30) of leading shares fell by 2.45% to 26,883 points, while the (EGX 70) index, representing small and medium-sized companies, dropped by 3.51% to 6,174.24 points. The broader (EGX 100) index also decreased by 3.43% to 8,767.55 points.

Egyptian investors leaned towards selling, netting 136.1 million Egyptian pounds, whereas Arab and foreign investors were net buyers with 58.2 million pounds and 77.8 million pounds, respectively.

Several leading shares experienced declines, including EFG Hermes Holding by 1.7% to 17.35 pounds, Commercial International Bank (CIB) - Egypt by 3.78% to 76.98 pounds, e-Finance for Financial and Digital Investments by 6.56% to 20.66 pounds, Beltone Financial Holding by 5.51% to 3.26 pounds, Orascom Development Egypt by 4.08% to 10.58 pounds, Orascom Construction by 0.78% to 267 pounds, New Egypt Housing by 5.71% to 9.09 pounds, Egypt's Housing and Development City by 5.45% to 3.47 pounds, and Palm Hills by 2.66% to 3.29 pounds.

On the other hand, shares like Talat Mostafa Group Holding rose by 5.15% to 61.5 pounds, El Sewedy Electric by 1.45% to 31.5 pounds, and Ezz Steel by 7.77% to close at 63.81 pounds.

Market analyst Issa Fathy told the Arab News Agency (AWP) that market participants, especially local institutions, still consider stock prices to be high and in need of further downward correction after a year of significant price increases due to exchange rate fluctuations.

Fathy added, "The market correction will not take much longer after the stock market experienced rapid increases that soon subsided. Thus, limited declines are expected before the market slightly rebounds again, responding positively to economic news and company performance results."