Egypt stock exchange hemorrhages
Train crash expected to push EGX30 down to 5,600 points
Daily News Egypt January 15, 2013 Be the first to comment

y Shaimaa Turkey
Egypt’s stock exchange dropped for the third day in a row exacerbated by Tuesday morning’s Badrashein train crash which left 19 soldiers dead. The market’s main index declined 43.1% by 8.5657 points on Tuesday, heading towards the market’s support level of 5650 points.
The EGX70 dropped 51.2% declining 26.12 points to 90.475 points. Meanwhile the EGX 100 dropped by 3.2% to 49.809 points.
Islam al-Batrawi, trading manager for Al-Naim financial securities company, expected that the stock exchange would continue to drop towards the support level of 5550-5600 points, until a judge’s ruling was made on the accident. This he said, would have a large effect on the market’s performance at the end of this week’s session and into next week.
Osama Nagib, logistical trading analyst for the Arab Finance company for financial securities, said the market’s corrective movement will continue in the medium term hitting 5500-5900 points until the anniversary of the January 25th Revolution.
Market capital lost nearly EGP 9.4 bn, hitting EGP 4.4 bn compared to EGP 3.4 bn in losses on Monday.
The value of transactions rose EGP 8.4 m after 1.1 m shares were traded in a total of 1,230 deals, while the market’s total value, that included key traders and the transfers market hit EGP 8.4 m, trading 99.1 m shares in a total of 3,230 deals.
Topics: Badrashein Business Daily News EgyptDNE EGX Egypt News stock markettrain crash
Daily News Egypt
Featured Video
Video| Egypt’s President Al-Sisi weighs in on freedom of expression, Islamic extremism
Editorial Pick
Egypt’s Sharm El-Sheikh to host UN climate summit COP27 in 2022
Opinion | Why is Egypt postponing the war against Ethiopia?
UNDP, Planning Ministry launch Egypt’s Human Development Report 2021
Al-Sisi ensures personal freedoms as Egypt launches National Strategy for Human Rights
Latest News
Egypt’s El Gouna Film Festival kicks off
30,000 gaming enthusiasts compete in 4th edition of Esports Summit in Egypt
‘Forever Is Now’: 5 facts you do not know about one of Egypt’s biggest cultural events in 2021
Opinion | Ethiopia crises
Opinion| Can the United States ban Facebook?
Opinion| “Digital generation, our generation: Girls need access to digital devices and services.”
Opinion| Dublin Theatre Festival raises issues of environment and climate change
Receive our daily newsletter