The Egyptian Exchange (EGX) deepened its losses during Tuesday’s session, with the EGX 30 benchmark index dropping by 1.95% to reach 5,129 points at the end of the session compared to 5,231 on Monday, plunging to its lowest level for more than three months.
The drop coincided with the Egyptian Tax Authority’s (ETA) decision to impose a 10% tax on the the acquisition of 100% of National Société Générale Bank (NSGB) shares by Qatar National Bank (QNB).
The index fell sharply at the beginning of the day to hover under the 5,200 points level, which triggered a downward spiral that lasted for the whole duration of the session with no corrective movements.
The broader EGX 70 index followed suit, dropping 1.58% to reach 448 points, while the EGX 100 also fell, by 2.11%, to reach 745 points. On Monday, both indices closed at 455 and 761 points, respectively.
Of the 169 listed companies who traded on Tuesday, only eight achieved gains, while 136 suffered losses; only 25 remained unchanged.
Among the top performers was Oriental Weave rising by 1.66%, Abou Kir Fertilisers rising by 0.60% and Upper Egypt Flour Mills rising by 0.18%.
Listed companies suffering the most significant declines were Cairo Investment & Real Estate Development (CIRA), falling by 6.08%, and Grand Investment Capital, which fell by 5.72%.