The EGX witnessed further decline, as the main index “EGX30” fell more than 7% over the past two days, driven by investors’ fear amid Russia’s invasion of Ukraine.
The EGX30 closed down 2.84% during Tuesday’s session, at the level of 10,396 points, & is down about 12% year-to-date (YTD) which puts the index in correction territory. CIB (COMI) declined by 10% over the past two days, now at EGP 41 per share.
The downtrend comes as Russia’s attack on Ukraine, oil prices reaching $130 per barrel, upsetting the stock markets globally.
A correction is a decline of 10% or greater in the price of a security, asset, or a financial market.
EGX market cap & trading volume
On Tuesday, the market recorded trading volume of EGP 1.2 billion, to record a total market capitalization of EGP 680.4 billion.
Market capitalization 🤑
The market capitalization of a stock exchange is the sum of the market capitalization of all traded companies.
Why is this important 🤔
The sharp fall comes amid turmoil in global stock exchanges & energy & commodity prices, which were driven by fears that the U.S.& Europe may move to ban Russian oil & gas exports.