By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) declined at the end of the week, amid the anticipation of the Central Bank of Egypt’s (CBE) decision regarding the interest rates.
In a survey conducted by Mubasher, investment bank officials and economic analysts projected that the CBE’s Monetary Policy Committee (MPC) would maintain interest rates, citing two major factors behind this decision, which is due later this week.
The benchmark EGX30 index went down 153.3 points, or 1.16% to 12,984 points over the week.
The EGX70 index lost 0.6% to 673.8 points, while the EGX100 index levelled down 0.86% to 1,684.18 points.
During the week, the equally-weighted EGX50 index decreased by 0.6% to 2,132 points.
Market capitalisation lost EGP 4.1 billion to register EGP 740.7 billion at the end of the week, compared to EGP 744.9 billion a week earlier.
The EGX’s indices were affected by the sharp decline in global market, followed the Fed’s decision to increase the interest rates, during the previous week, branch manager of Osool ESB Securities Brokerage Saeed El Feki commented.
Also the beginning of the New Year’s vacations and the anticipation of the CBE’s decision in respect of the interest rates have been dragged down the market, El Feki added.
Translated by: Muhammad Khalid
