Gehad Abd El-Ghany & Amwal Al Ghad English - 2015-08-22 14:02:39
Egypt’s stock market encountered weekly heavy losses worth 40.8 billion Egyptian pounds (US$5.2 billion) sparked by Fears of a China-led global economic slowdown in addition to local incidents affecting a number of leading listed firms.
The country's main stock index, EGX30 hit its lowest level since January 2014, it plunged 9 percent to close at 7172.63 points, versus 7879 points at the end of a week earlier.
The main gauge index registered its highest point on Sunday closing at 7625.76 points, whereas its lowest point recorded on Thursday at 7172.63 points. In addition, the mid- and small-cap index, the EGX70 sank in a week by 7 percent closing at 410 points during Thursday's session, compared to 441 points at the end of a week earlier. The price index, EGX100 also dived 6.4 percent finishing at 862 points during Thursday's session, from 921 points at the end of a week earlier.
Market Cap Market capitalisation ended at 444.068 billion pounds last Thursday, compared to 484.908 billion pounds at the end of a week earlier.
Turnovers Through last week, the trading volume hit around one billion securities, compared to 693 million. For the traded value, it reached 4.7 billion pounds against 3.1 billion pounds a week earlier.
Anxiety about China-led global economic slowdown gripped investors around the globe. Fears that Chinese growth is weakening, dragging down the global economy with it, are already hammering commodities and world stock markets.
Skittish investors are now pinning their hopes on urgent policy action by Chinese authorities to stem the global bleeding, after the country's manufacturing activity slumped to a six-year low and accelerated selling in global markets.
Markets will be watching for China's next move as signs of a slowdown in the world's second-largest economy stack up, raising expectations it will act to stoke growth.
On Friday a survey showed Chinese manufacturing slowed the most since the global financial crisis in 2009 - adding to other worrying clues about the country's health, including its falling exports.
China devalued the yuan earlier in August, by pushing its official guidance rate down 2 percent. The central bank has said there was no reason for the currency to fall further, but investors are also bracing for further interest rate cuts. More»