Egypt’s Stock Market loses EGP 30 billion in a week

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The Egyptian Stock Market indices have fallen collectively due to foreign investors’ sales. During last week’s trading, the market capitalization of listed companies’ shares lost about 30 billion pounds, down by 4.2. The main egx30 index fell 3.8% to reach 10,679 points, while the egx70ewi index of small and medium stocks rose 6.75% to earn 1776 points and the broader egx100ewi index to get 6.2% to 2703 points.

The Stock Market indices had ended Thursday’s trading session, the last session of the week, with a collective decline amid selling pressure for Egyptian investors due to the suspension of the acquisition deal of EFG Hermes. On Thursday, the UAE’s First Abu Dhabi Bank announced the withdrawal of the non-binding offer made earlier regarding the possible acquisition of a majority stake in EFG Hermes Holding. The bank said in a statement that the decision to withdraw the offer came after careful study and in light of the ongoing instability in global markets and economies. The stock of EFG Hermes Holding declined by 20% at the end of Thursday’s trading session.