Cairo - Mubasher: The Egyptian Exchange ended the third week of September with losses amidst investors’ concerns, leading the market capital to lose EGP 69.5 billion.
The benchmark index EGX30 dropped 8% and ended the week at the level of 14,083.48 points, with losses amounting to 1,225 points.
Analyst Said El-Fekky of Osool Brokerage told Mubasher that both local and global factors contributed to the losses of the Egyptian Exchange, especially with the rising trade war tensions between the United States and China.
The rise in interest rates globally has also affected the market, with the United States Federal Reserve expected to announce next week the third interest hike in 2018, while in Turkey interest reached 24%.
On Saturday, the Cairo Criminal Court ordered the arrest of Gamal and Alaa Mubarak, as the two sons of former President Hosni Mubarak are accused of stock manipulation.
El-Fekky expects the main index to settle next week near the 14,000 level, and to target restoring the 14,500 points.
Small and medium sized enterprises index EGX70 fell 8.8% to 682.88 points, while the broader index EGX100 went down by 8.4% to 1,740.19 points.
The equal weighted index lost 11.3% and ended the week at 2,172.56 points.
Market cap shrank by EGP 69.5 billion to EGP 849.6 billion.
