EGX30 drops 8% from September high
The Egyptian stock market experienced a sharp correction, with its indices declining collectively. The EGX 30 lost about 8% of its value since the September peak, moving away from the 56,900-point level to reach 52,297 points. This decline caused a significant drop in the stocks of the seventies and hundred indices, especially the EGX 70, which lost around 17%, and the EGX 100, which dropped nearly 14%. Experts believe that this decrease reflects a correction following a four-year upward wave, driven by profit-taking, deteriorating global market conditions—particularly oil market disruptions and the US interest rate hikes. There are expectations of a positive performance if the index recovers the 52,444-point level.
Notice: This Is an AI-Generated Summary
Comments (0)