Cairo – Mubasher: The Egyptian Exchange indices tumbled this week, as the main gauge dropped by 15.38%, which is the biggest one-week losses since March 2011 when trading resumed after the 25 January Revolution.
The main index shed 1,065 points this week to close at 5,857.7 points, compared with 6,922.71 points last week.
Market capitalisation lost around EGP 44.95 billion ($5.74 billion) to EGP 384.03 billion, from EGP 428.98 billion last week.
The market tracked global bourses that were dragged by global economic slowdown, coupled with the drop in oil prices and the Chinese economic woes, said Sameh Gharib, head of research at Roots Securities.
He expected the main index to test 5,700-5,800 area next week amid the reemergence of buying powers.
EGX70, which measures small and mid-cap stocks lost 12.58% - the biggest weekly decline since mid-June 2013.
The broader index EGX100 went down by 11.85% or 93.38 points to 694.6 points, from 787.98 points.
The equal-weighted index EGX50 sagged 13.78% or 164.7 points to 1,030.15 points, down from 1,194.85 points last week.
Foreign and Arab traders were net sellers by EGP 208.9 million and EGP 86.2 million respectively, while nationals were net buyers by EGP 295.1 million.
Translated by Sayed Abdel Rahman
