High gains push EGX towards suspending trading for half an hour

CAIRO – 23 March 2020: The Egyptian Exchange (EGX) suspended trading for half an hour during Monday’s session, due to the hike EGX100 witnessed exceeding 5 percent.

By 10:45 am Cairo time, the broader index EGX 100 jumped 5.01 percent, or 48.2 points to 1,018 points.

As per the benchmark index, EGX30 climbed 6.71 percent, or 653.34 points, to the 10,404 points.

These gains came after President Abdel Fatah al-Sisi announced that the central bank will support the stock exchange by LE 20 billion.
 

Egypt's central bank supports EGX by LE20B to curb Coronavirus effect

CAIRO - 22 March 2020: The central Bank of Egypt (CBE) allocated LE 20 billion to the Egyptian Stock Exchange as part of measures taken to curb the effect of coronavirus, President Abdel Fatah El-Sisi announced Sunday. This came in a meeting with a number of women on the occasion of Mother's Day.

EGX witnessed a downtrend since the announcement of Coronavirus but started to regain some of its losses during sessions of Thursday and Sunday.

It ended Sunday in green, regaining LE 19.62 billion of market capitalization during the session, after gaining around LE 11 billion during Thursday’s session, amid Egyptian purchases.

EGX regains LE19.6B of its market losses

CAIRO - 22 March 2020: The Egyptian Exchange (EGX) ended Sunday in green, regaining LE 19.62 billion of market capitalization, amid Egyptian purchases. The benchmark EGX 30 rose 5.92 percent, or 545.08 points, to close at 9,750.66 points. The equally weighted index EGX 50 climbed 3.82 percent, or 45.8 points, to end at 1,244.89 points.