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Economic Expert: Market Cap Up by 78B
The article discusses the performance of the Egyptian stock exchange in recent times. The director of the Cairo Center for Economic Studies pointed out that the stock exchange has regained more than 78 billion Egyptian pounds of market capitalization, following losses exceeding 119 billion pounds at the beginning of the week. These losses were a result of the turmoil in foreign transactions and the repercussions of the U.S. Federal Reserve's decision to raise interest rates. Despite these setbacks, the market experienced a gradual recovery amid ongoing pressures from geopolitical tensions. The "EGX 30" index declined by 2.68%, and the "EGX 70" by 3.57%. Additionally, trading was temporarily halted on more than 20 stocks after they hit the lower limit for declines, indicating continued volatility in the market due to both global and local conditions.
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