The Egyptian Exchange (EGX) ended Tuesday in red, effected by the decline of global stocks as U.S. stocks fall their worst in more than six years.
Sales by Egyptian and foreign investors led the decline of the indices, while Arab purchases decreased the loss.
The benchmark EGX30 decreased 1.63 percent, or 244.16 points, to end at 14,717.98 points.
The small- and mid-cap index EGX70 slipped 2.44 percent, or 20.95 points, to end at 838.61 points, and the broader index EGX100 leveled off 1.99 percent, or 40.86 points, to reach 2,010.22 points.
The equally weighted index EGX50 went down 63.18 points, or 0.61 percent, closing at 2,597.22 points.
Market capitalization lost LE 15 billion ($850 million), recording LE 841.21 billion, compared to LE 856.24 billion in Sunday’s session.
Mohamed Gab Allah, chairman of the business development and strategy department at Pioneers Securities, said that the exaggerated panic of the traders was the reason behind the sharp decline of Tuesday’s trading session.
“The consequences of any external effect are similar,” Gab Allah added.
Gab Allah advised traders not to sell, as the panic selling is always a loss and records the lowest price of the share.
Egyptian and foreign investors were net sellers at LE 60.33 million and LE 1.7 million, respectively, while Arab investors were net buyers at LE 62.04 million.
Egyptian and foreign individuals were net sellers at LE 45.04 million and LE 3.51 million, respectively, while Arab individuals were net buyers at LE 21.03 million.
Egyptian organizations sold by LE 15.28 million, while Arab and foreign organizations bought at LE 41 million and LE 1.8 million, respectively.
National Company for Housing for Professional Syndicates (NHPS), International Agricultural Products (IFAP), and Misr Refrigeration and Air Conditioning (MRCO) were the top gainers of the session, with 9.97 percent, 8.36 percent and 8.06 percent, respectively.
Meanwhile, Trans Oceans Tours (TRTO), Alexandria Flour Mills (AFMC), and Golden Textiles and Clothes Wool (GTWL) were the top losers of the session, with 12.5 percent, 10 percent and 9.99 percent, respectively.
The leading stocks of the EGX, Commercial International Bank, Global Telecom Holding SAE (GTHE) and Telecom Egypt, declined with 1.95 percent, 0.28 percent and 3.05 percent, respectively.
World stock markets nosedived for a fourth day running on Tuesday, having seen $4 trillion wiped off from what just eight days ago had been record high values.
Wall Street’s Dow Jones and S&P 500 benchmarks had slumped 4.6 percent and 4.1 percent, respectively, on Monday – their biggest drops since August 2011.
The Egyptian Exchange (EGX) ended Monday in green as the benchmark EGX30 rose 0.59 percent, EGX70 increased 0.21 percent, EGX100 increased 0.50 percent and EGX50 gained 0.61 percent.