EGX bounced back on Thursday to post EGP13bn gains

Thursday 01 November 2018 08:24 PM

EGX Building
EGX Building

By Mona Abd El-Bary 
The Egyptian Stock Exchange ended  this week on an up note, off-setting  losses it incurred earlier, with  stocks rebounding across the board and  market capitalization posting considerable gains. 
During the week, EGX30 rose by 1.4 percent to 13202pts, EGX70 by 2.8 percent and the broader EGP100 by 2.6 percent to 1722pts. 
EGX recovered losses worth EGP13bn in market capitalization with it closing at  EGP750bn up from EGP737bn. 
EGX kept plunging heavily since late May on an Emerging Market rout, as analysts expected  EGX to pursue fluctuations until the first quarter of next year when it reaches 16000pts, a level at which it may start to bounce back. 
EGX posted heavy losses last October amid large-scale declines, as the benchmark EGX30 main index fell by 9 percent, EGP52bn losses in market capitalization and EGP359mln sell-offs  by foreigners.