Islam Salah - 2014-12-20 17:24:31
In one week of trading, Egypt’s stock market shares recorded losses of 31.9 billion Egyptian pounds (US$4.46 billion) as low oil prices dragged down regional economies.
The Egyptian stock Exchange’s benchmark EGX30 index plunged by 8.67 percent in a week, with a decline of 797.04 points, ending Thursday's transactions at 8399.89 points, versus 9196.93 points at the end of a week earlier.
The main gauge index registered its highest point on Monday closing at 8832.28 points, whereas its lowest point recorded on Wednesday at 8124.68 points.
In addition, the mid- and small-cap index, the EGX70 dived in a week by 11.51% closing at 543 points during Thursday’s session, compared to 613.08 points at the end of a week earlier.
The price index, EGX100 sank by 9% finishing at 1031 points during Thursday’s session, from 10532.56 points at the end of a week earlier.
Oil Prices – GCC Markets Effect
The analysts said the losses were due to the impact of the Gulf stock markets that plunged hurt by oil prices.
The markets in Egypt and Gulf Arab countries "are correlated in terms of their performance because the investor base intersects.” Wael Ziada, head of research at regional investment giant EFG Hermes, said in an earlier statement.
Earlier last week, oil prices had shed nearly half their value since late June, including a 4 percent tumble December 13th that left benchmark U.S. oil prices at $57.81 a barrel, their lowest level since May 2009, when the U.S. was still in recession. More»