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Stock market falls ninth day
The Egyptian stock exchange experienced a ninth consecutive week of decline, with the main index, EGX 30, falling by 0.77% to reach 51,894 points. This was accompanied by significant sales from foreign institutions, with total sell-offs exceeding 13.2 billion Egyptian pounds. This downturn resulted from foreign investors exiting the market after the U.S. Federal Reserve raised interest rates by 25 basis points in September, which pressured the market, causing the index to drop from levels around 56,800 points to its current lows. Conversely, the small-cap index, EGX 70, rose by 1.1%. However, the market is struggling with the breach of key support levels, with expectations of further declines if downward pressures persist. Analysts attribute this decline to ongoing U.S. developments, persistent inflation challenges, and margin trading practices, all of which led to a sharp correction following previous record gains.
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