Following the expectations that the Federal Reserve will
Egyptian Stock Exchange suffers $ 13.5 billion market capitalization loss
05.04.2011 by Ali Jelal
The Egyptian Stock Exchange has suffered a $ 13.5 billion (81 billion pounds) market capitalization loss during the first quarter of this year 2011 in the wake of the backdrop of the January 25 revolution.
A quarterly report of the Egyptian Stock Exchange Authority indicated that the market capitalization of listed companies reached 407 billion pounds by the end of last March compared with 488 billion pounds in the beginning of 2011, a 16.5% fall.
The report explained that the sharp decline was overshadowed by major market indices and secondary indices. The (EGX 100) index lost 23.5% of its value to reaching 5464 points. The (EGX 70) index of the small and medium-sized shares declined by 20.3% to reaching 575 points.
The report added that the total trade volume on the Egyptian Stock Exchange hit 7.37 billion pounds during the first three months of this year, while the total number of the traded stocks hit 38.3 billion securities and the number of the executed deals reached 986 thousands.