September 25, 2019

The Egyptian stock market has continued its decline against the backdrop of the demonstrations last Friday.

The EGX 30 index, which measures the performance of the 30 largest companies, shed 4.2 per cent losing market capitalisation to about EGP 21 billion, recording EGP 672.3 billion.

The market capitalisation lost about EGP 36 billion in the first session of the week last Sunday, and about EGP 8.2 billion in Monday’s session, bringing the total decline in market capitalisation in three sessions to about EGP 65.2 billion.

Declines in the stock market since the beginning of trading led the Board of Directors to inquire with companies about any adverse events affecting performance. The response of 75 companies, according to a statement issued by the stock exchange disclosure department, confirms that there are no negative events leading the stock market downward trend.

At the same time the tourism sector led the stock indexes to decline on the back of the announcement of the British company Thomas Cook that it was bankrupt and the cancellation of 25,000 thousand tourists’ flights to Egypt.

Since last Friday Egyptian protests have been held across several governorates demanding the overthrow of the regime and the departure of Abdel Fattah al-Sisi, in response to a call by the actor and businessman Mohamed Ali, after he revealed in several videos that al-Sisi and the army were embroiled in corruption.