Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices took a deep downturn on Wednesday, driven by Egyptian sales, following the devaluation of the local currency and the tightening of the interest rates.
The benchmark index, EGX30, tumbled 3.02% to close at 29,743.11 points, while the EGX70 index dropped 3.40% to end at 7,202.06 points.
Similarly, the EGX100 index plunged by 3.39% to settle at 10,177.68 points.
Trading value stood at EGP 9.72 billion through the exchange of 1.26 million shares, while the market cap value reached EGP 2.03 trillion.
In terms of trading on securities, Egyptian investors were net sellers with EGP 290.98 million. Meanwhile, Arab and foreign traders were net buyers with EGP 186.48 million and EGP 104.49 million, respectively.
Earlier today, the official rate of the US dollar against the Egyptian pound recorded a historic high of over EGP 50.
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided in a special meeting on 6 March to raise the interest rates by 6%.
