EGX loses over EGP 10bn due to panic selling in CIB shares

Alyaa Stohy
1 Min Read
A general view of the Egyptian Exchange (EGX) in Cairo August 18, 2013. Egypt's stock market fell sharply on Sunday as it resumed trading after hundreds of people were killed in a crackdown by the army-backed government on supporters of the Muslim Brotherhood. Banks and the stock market reopened for the first time since Wednesday's carnage, with shares rapidly falling 2.5 percent. REUTERS/Louafi Larbi (EGYPT - Tags: POLITICS CIVIL UNREST BUSINESS)

The Egyptian Exchange (EGX) fell by 3.5%, at the end of Sunday’s trading session, with its market capitalisation losing over EGP 10bn.

The blue-chip index EGX30 decreased to the 10,602 points level, driven by panic selling of Commercial International Bank – Egypt (CIB) shares. This caused a severe decline in the stock value, estimated at 10% at the beginning of the trading session.

However, purchases made by local portfolios and funds offset the stock’s value loss, to end the session at a 6.9% decline reaching EGP 61.83 per share, with a trading value of EGP 215.88m.

In parallel, the EGX started its dealings with a 5% decline, but it experienced a rebound thanks to a final wave of purchases.

The EGX resumed trading on CIB shares as of Sunday, after suspending them last week due to the resignation of the bank’s chairperson.

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