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Stock exchange profits despite violence - Daily News Egypt

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Stock exchange profits despite violence

Ninety-three stocks rose in Sunday’s trading, while 31 dropped and 30 others remained unchanged.


The EGX’s weekly stock market summary showed that the total value of shares for companies listed dropped EGP 5.491bn last week, from EGP 380.950bn to EGP 386.441bn.(File Photo) (AFP Photo / Mahmoud Khaled)
The stock exchange’s four main indices registered profits of EGP 1.5bn on Sunday, despite violent clashes that dozens dead and hundreds injured on Saturday.
(AFP File Photo / Mahmoud Khaled)

The stock exchange’s four main indices registered profits of EGP 1.5bn on Sunday, despite violent clashes that dozens dead and hundreds injured on Saturday.

The benchmark EGX30 index, which encompasses the market’s 30 blue-chips, dropped 0.66% to close at 5,317 points. Meanwhile, the EGX20 gained 0.76% closing at 6,223 points and the broader EGX100 index lost 0.19%, closing at 731 points. The EGX70 rose by 0.76% closing at 428 points.

Ninety-three stocks rose in Sunday’s trading, while 31 dropped and 30 others remained unchanged.

“Despite the increase, the situation politically and economically is still very precarious and the stock exchange market has been very vulnerable to political unrest,” said Islam Abu El-Fetouh, an investor at the stock exchange.

Demonstrators on Friday came out in support of the military after Minister of Defence Abdul Fatah Al-Sisi’s called on Wednesday for protests to “combat terrorism”.

Following his speech, the EGX30 index fell 1.69% and the benchmark index closed at 5,359.57 points, down from 5,451.72 two days earlier.

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