The Egyptian capital market shedding of losses continued on Wednesday with the benchmark index EGX-30 declining by 4.59%. The market losses registered EGP 15.9bn.
All the market’s indexes fell again on Wednesday. EGX-70, which encompasses small and medium enterprises (SMEs), inched down by 4.09% to reach 531.83 points, compared to 554.53 points the preceding day.
The broader index, EGX-100, recorded 1007.41 points, compared to 1046.93 points registered the day before and declining by 3.77%.
Foreign and Arab investors were more inclined to purchase while Egyptian investors sought to sell stocks. The trading day closed with 169 decliners, 14 gainers and seven unchanged.
The market loss sequence started on 9 December, and continued through 10 and 11 December, with the market witnessing its most significant loss on Sunday, shedding EGP 21.3bn. The market bounced back on Monday, gaining EGP 5.9bn. The gain was short-lived with the capital market losses continuing on Tuesday, some EGP 12bn losses, and Wednesday.
The sum up of the losses of the stock market since Sunday amount to some 48bn while the gains amounted to EGP 5.9bn.
The continuous decline in the capital market’s state was attributed to the decline in oil prices. The decline was experienced globally in countries like Russia, the US and the Gulf.