{"id":549474,"date":"2022-09-19T04:00:33","date_gmt":"2022-09-19T04:00:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/"},"modified":"2022-09-19T04:00:33","modified_gmt":"2022-09-19T04:00:33","slug":"the-egx-sell-off-continues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/","title":{"rendered":"The EGX sell-off continues"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>EGX WATCH<\/strong><strong>: Egyptian shares suffered their biggest single-day loss since early <\/strong><strong>July yesterday<\/strong> amid growing investor concerns about global growth. The benchmark index fell 3.1% during trading yesterday to reach its lowest level in seven weeks, leaving it down more than 18% year-to-date. The broader EGX70 index was harder hit, losing 6.8%.<\/p>\n<p><strong>Leading the declines:<\/strong> The sell-off was broad-based, with only five of the 30 companies in the EGX30 finishing in the green. Fawry shares were hardest hit, ending the day 9.1% in the red and leaving them down more than 48% since the start of the year. GB Auto (-8.7%) and Heliopolis Housing (-8.4%) also suffered heavy losses.<\/p>\n<p><strong>Reversing the rally:<\/strong> The EGX30 has now fallen 6.4% across a four-day losing streak, paring much of the gains seen in recent weeks. The index has staged a modest recovery over the past 2.5 months after hitting its lowest level since November 2016 in early July.<\/p>\n<p><strong>It wasn\u2019t just us:<\/strong> Gulf stocks also fell yesterday as investors priced in the impact of a global recession on oil prices, which earlier this month dropped to the lowest levels since the start of the war in Ukraine. Saudi Arabia\u2019s benchmark index fell 2.2% and shares in Qatar ended the day down 1.2%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EGX WATCH: Egyptian shares suffered their biggest single-day loss since early July yesterday amid growing investor concerns about global growth. The benchmark index fell 3.1% during trading yesterday to reach its lowest level in seven weeks, leaving it down more than 18% year-to-date. The broader EGX70 index was harder hit, losing 6.8%. Leading the declines: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":549475,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9218],"tags":[104,68,72,164,519,119],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egx","tag-economy","tag-egx","tag-enterpriseam","tag-equities","tag-fawry","tag-financial-markets","wpautop","entry"],"acf":{"mongo_id":"2cfed2ba-7ee8-49c3-af0b-0aab7c8afbfd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/266.jpg","photo_position":"above","related_issue":[549468],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The EGX sell-off continues - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EGX sell-off continues\" \/>\n<meta property=\"og:description\" content=\"EGX WATCH: Egyptian shares suffered their biggest single-day loss since early July yesterday amid growing investor concerns about global growth. The benchmark index fell 3.1% during trading yesterday to reach its lowest level in seven weeks, leaving it down more than 18% year-to-date. The broader EGX70 index was harder hit, losing 6.8%. Leading the declines: [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-19T04:00:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/266.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The EGX sell-off continues\",\"datePublished\":\"2022-09-19T04:00:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/\"},\"wordCount\":204,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/266.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economy\",\"EGX\",\"EnterpriseAM\",\"equities\",\"Fawry\",\"Financial Markets\"],\"articleSection\":[\"EGX\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/the-egx-sell-off-continues\/\",\"name\":\"The EGX sell-off continues - 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CIB, the EGX30 heavyweight, closed down 6.7%. Qalaa Holdings and El\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582728,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/egx-suffers-biggest-single-day-loss-since-2020-on-global-banking-turmoil\/","url_meta":{"origin":549474,"position":1},"title":"EGX suffers biggest single-day loss since 2020 on global banking turmoil","author":"enterpriseam admin","date":"16 March 2023","format":false,"excerpt":"The EGX30 has fallen almost 11% this week amid panic in global financial markets","rel":"","context":"In &quot;Egyptian Exchange&quot;","block_context":{"text":"Egyptian Exchange","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/egyptian-exchange\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595411,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/25\/egx-share-slide-continues-wiping-out-2019-gains\/","url_meta":{"origin":549474,"position":2},"title":"EGX share slide continues, wiping out 2019 gains","author":"enterpriseam admin","date":"25 September 2019","format":false,"excerpt":"EGX share slide continues, nearly wiping out 2019 gains: The sell-off on the EGX accelerated yesterday, as investor concern about the impact of protests last weekend almost wiped out the index\u2019s 2019 gains. The benchmark EGX30 index fell 4.2% in a third successive day of losses after dropping 5.3% on\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/1097.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570126,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/19\/govt-fiscal-measures-fail-to-slow-egx-sell-off\/","url_meta":{"origin":549474,"position":3},"title":"Gov\u2019t fiscal measures fail to slow EGX sell-off","author":"enterpriseam admin","date":"19 March 2020","format":false,"excerpt":"The EGX30 index closed in the red yesterday for the fourth consecutive day as concern among investors over the economic impact of the covid-19 outbreak and turbulence in global markets showed no sign of lifting. The benchmark EGX30 index fell 3.8% in the first hour of trading, before extending its\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595452,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/26\/egypts-benchmark-egx30-index-rises-3-2-after-eight-day-slide\/","url_meta":{"origin":549474,"position":4},"title":"Egypt\u2019s benchmark EGX30 index rises 3.2% after eight-day slide","author":"enterpriseam admin","date":"26 September 2019","format":false,"excerpt":"EGX30 rises 3.2% after eight-day slide: The Egyptian Exchange rebounded yesterday, bringing a dose of much-needed positivity to a week that had seen shares experience their sharpest falls since 2015. The benchmark EGX30 closed up 3.2%, with 29 of the index\u2019s constituents rising. \u201cWhat is happening is just a breath-taking\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570095,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/18\/egx-sell-off-slows-following-cbes-surprise-rate-cut\/","url_meta":{"origin":549474,"position":5},"title":"EGX sell-off slows following CBE\u2019s surprise rate cut","author":"enterpriseam admin","date":"18 March 2020","format":false,"excerpt":"EGX sell-off slows following CBE\u2019s surprise rate cut: The benchmark EGX30 index dipped again yesterday, but at a slower pace Sunday and Monday as concern over the covid-19 outbreak continued to rattle the markets. The EGX30 fell 2.64% in the first minutes of the trading session and went on to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/212.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549474"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549474\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549475"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549474"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549474"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}