Thndr Claps » EGY Claps » EGX 🔔 » Fawry drops to its lowest level in two years📉
The ClapFawry’s stock price fell 10% yesterday, reaching its lowest level in two years.
The deetsAccording to Asharq, the stock’s decline was the result of strong sales to foreigners, especially sales by the Norwegian sovereign fund.
BackstoryThe Norwegian sovereign fund had a 2% stake in Fawry as of early May.
Why this mattersAccording to the sources, the Norwegian sovereign fund’s exit from Fawry was expected, especially after Fawry exited the MSCI Emerging Markets Index back in May.
The stock closed at EGP 3.47, the lowest price since the June 2020.
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