Petroleum prices drives stock market down: Experts

The Egyptian capital market registered a gain on Monday amounting to EGP 5.9bn, after a series of losses that started last week.

The benchmark index EGX-30 climbed by 1.34%, while the broader index EGX-100 surged by 0.35%. EGX-70, which encompasses small and medium enterprises, dropped by 0.19%, however. Foreign investors were inclined to purchase stocks while Egyptian and Arab investors sought to sell.

According to stock market analysts, the sudden decline in oil prices resulted in a wave of losses in global capital markets, with Egypt no exception.

The stock market suffered a significant loss on Sunday, shedding some EGP 21.3bn in this week’s first trade session.