The Egyptian Stock Exchange witnessed a sharp decline at the beginning of the week’s trading, as the main index declined by 2.5% as a result of widespread selling by local and foreign institutions, against the backdrop of escalating regional tensions.
The management of the Egyptian Stock Exchange was forced to suspend trading in the shares of about 50 companies after their decline exceeded 10%. Among these companies are: “Credit Agricole Bank”, “Ramida”, and “Contact Financial”.
In this context, Hani Genena, head of the research department at Al Ahly Pharos Securities Brokerage, explained that speculative stocks were the most affected, due to their reliance on marginal trading, in addition to the dominance of the transactions of individuals who tend to fear and sell in such circumstances.
It is noteworthy that the United States and Israel launched air strikes on targets inside Iran on Saturday, and the consequences of this attack extended to other areas in the region, as Tehran targeted a number of Gulf cities with missiles and drones.
