EGX 30 bleeds again today hurt by US credit downgrade

Egypt’s benchmark index EGX 30 slumped 2.04%, or 97.81 points, to close at 4701.08; its lowest level since April 8, 2009; maintaining its steep decline to the second consecutive day.


This plunge was ascribed to S&P’s downgrade of US credit rating to ‘AA+’ on concerns about federal deficit and higher debts.


Trading volume amounted to 78.035 million shares that changed hands through 28.865 thousand transactions at turnover of almost EGP 358.099 million. Market capitalization totaled EGP 362.728 billion.


All leading stocks declined, led by EFG-Hermes that tumbled 3.8% to EGP 17.46 (last price: EGP 17.32). Around 1.003 million shares changed hands at turnover of EGP 17.521 million.


Orascom Construction Industries also dipped 2% to EGP 244.86 (last price: EGP 243.6). A total of 130.677 thousand shares were exchanged at an overall value of EGP 31.998 million.


The second position was taken by Orascom Telecom Holding that dropped 1.74% to EGP 3.39 (last price: EGP 3.32). The telco recorded a trading volume of 7.854 million shares and traded value of EGP 26.625 million.


CIB came last, falling 0.42% to EGP 25.8 (last price: EGP 25.66). Almost 586.985 thousand shares of Egypt’s largest bank by market value were traded at EGP 15.141 million.