{"id":614378,"date":"2024-01-31T00:00:00","date_gmt":"2024-01-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/"},"modified":"2024-01-31T00:00:00","modified_gmt":"2024-01-31T00:00:00","slug":"this-evening-egx30-drops-nearly-7","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/","title":{"rendered":"THIS EVENING: EGX30 drops nearly 7%"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, friends.<\/strong> It\u2019s shaping up to be another relatively busy afternoon as we race towards the weekend. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EGX30 nosedived by 6.8% at today\u2019s close amid heavy selloff from local investors. <\/strong>CIB was the best performer on the index for falling only by 1%. This came one day after a 3.8% increase saw the market achieve a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3cbcacc-56b4-43e0-956b-a8ff9f04571d\" style=\"\" rel=\"noopener\">historical high<\/a> surpassing the 30,000 points level for the first time ever.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leading the conversation in the international business press since this morning:<\/strong> A court has blocked a USD 55 bn pay package for Tesla CEO Elon Musk, striking down what was set to be the largest ever public market remuneration package, initially approved by Tesla in 2018. Shareholders took the matter to court after feeling misled about how involved Musk was in curating the plan and the extent of his influence on members of the board. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/elon-musks-55-billion-tesla-pay-package-struck-down-by-judge-3e619f53\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/4ea5fbbb-42a4-405f-a4cd-3f0528e66ccd\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2024\/1\/30\/24056177\/elon-musk-tesla-tornetta-55-billion-pay-package-rejected\" style=\"\" rel=\"noopener\">The Verge<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-30\/elon-musk-s-55-billion-tesla-pay-package-voided-by-judge\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>Is an IMF package imminent?<\/strong> Cairo has been abuzz since midday yesterday with chatter that the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f51e36-cd3a-411d-a974-659fd3601066\" style=\"\" rel=\"noopener\">Madbouly government is nearing a staff-level agreement<\/a> with the International Monetary Fund.<\/li>\n<li><strong>IMF slashes our growth outlook:<\/strong> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21492e0c-4252-4e18-8696-f420040fffcd\" style=\"\" rel=\"noopener\">IMF has downgraded<\/a> its fiscal year 2023-2024 growth forecast for Egypt to 3.0% from October\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18f5a345-3af0-4908-af1b-d9a8a46852a1\" style=\"\" rel=\"noopener\">projection of 3.6%<\/a> in its updated World Economic Outlook. <\/li>\n<li><strong>One of the region\u2019s leading law firms is about to get a helping hand from AI: <\/strong>Our friends at Cairo-based arbitration firm <a target=\"_blank\" href=\"https:\/\/youssef.law\/\" style=\"\" rel=\"noopener\">Youssef + Partners<\/a> (Y+P) has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/252ba09b-8dd4-4d11-8524-71a3a15bc739\" style=\"\" rel=\"noopener\">signed a strategic partnership with American legal<\/a> profession-focussed generative AI startup <a target=\"_blank\" href=\"https:\/\/www.harvey.ai\/\" style=\"\" rel=\"noopener\">Harvey<\/a> to integrate the technology into the firm\u2019s legal practices and client services.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or check out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a><\/strong><strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u26c5 <\/strong><strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a partly cloudy day with a high of 15\u00b0C and a low of 13\u00b0C, according to our favorite weather app. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, friends. It\u2019s shaping up to be another relatively busy afternoon as we race towards the weekend. THE BIG STORY TODAY EGX30 nosedived by 6.8% at today\u2019s close amid heavy selloff from local investors. CIB was the best performer on the index for falling only by 1%. This came one day after a 3.8% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":614379,"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":[7213],"tags":[68,633,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-egx","tag-enterprisepm","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"2cef01fd-4780-4fb2-a992-d0631aec73ff","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/1794.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[614376],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.fdc51d6c-4930-49dc-9a13-62139a3fb341.mp3"},"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>THIS EVENING: EGX30 drops nearly 7% - 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\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: EGX30 drops nearly 7%\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, friends. It\u2019s shaping up to be another relatively busy afternoon as we race towards the weekend. THE BIG STORY TODAY EGX30 nosedived by 6.8% at today\u2019s close amid heavy selloff from local investors. CIB was the best performer on the index for falling only by 1%. This came one day after a 3.8% [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1794.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: EGX30 drops nearly 7%\",\"datePublished\":\"2024-01-31T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/\"},\"wordCount\":435,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1794.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EGX\",\"EnterprisePM\",\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/this-evening-egx30-drops-nearly-7\/\",\"name\":\"THIS EVENING: EGX30 drops nearly 7% - 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It\u2019s a relatively slow day so far, which begs the question: Could the fabled Ramadan slowdown finally be upon us?THE BIG STORY TODAY The EGX30 was down 6.3% at today\u2019s close amid a sell-off from local institutional investors, according to market data. Abu Qir\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2365.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614308,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/30\/this-evening-egx30-is-in-bull-market-territory-ytd\/","url_meta":{"origin":614378,"position":1},"title":"THIS EVENING: EGX30 is in bull market territory YTD","author":"enterpriseam admin","date":"30 January 2024","format":false,"excerpt":"Good afternoon, wonderful people, and happy humpday. We have reached the midweek point as we approach the upcoming weekend and end of January (already). THE BIG STORY TODAY The EGX30 is now in bull market territory for 2024, with its year-to-date return rising to 21.9% after the index closed up\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615862,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/this-evening-egx30-closes-down-5-after-adq-investment-cools-off-parallel-market-ndfs\/","url_meta":{"origin":614378,"position":2},"title":"THIS EVENING: EGX30 closes down 5% after ADQ investment cools off parallel market + NDFs","author":"enterpriseam admin","date":"25 February 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen. We\u2019re starting off a new week that promises to be busy and bring us a very full pipeline of news, which most of us were anticipating after an eventful weekend. THE BIG STORY TODAY EGX falls 5%: The EGX30 fell 5.0% at the close of\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615941,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/this-evening-all-is-quiet-on-our-newswire-for-the-moment\/","url_meta":{"origin":614378,"position":3},"title":"THIS EVENING: All is quiet on our newswire \u2014 for the moment","author":"enterpriseam admin","date":"26 February 2024","format":false,"excerpt":"Good afternoon, wonderful people, and welcome to a surprisingly quiet Monday. There\u2019s no real big story at home to speak of so far, although we know that could easily change overnight. THE BIG STORY ABROADNot much has changed since this morning, with Israeli Prime Minister Benjamin Netanyahu\u2019s plans for the\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/771.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":679190,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/29\/oil-prices-rebound-2-on-mideast-tensions-and-stalled-russia-ukraine-talks\/","url_meta":{"origin":614378,"position":4},"title":"Oil prices rebound 2% on Mideast tensions and stalled Russia-Ukraine talks","author":"enterpriseam admin","date":"29 December 2025","format":false,"excerpt":"Good afternoon, friends. The holiday slowdown remains in full effect as we inch closer to New Year\u2019s Eve. Headlines both at home and abroad remain calm, making it the perfect time to pick up a book or plug into a podcast during the downtime.THE BIG STORY ABROAD- ? There\u2019s next\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/6\/766.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":680016,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/05\/finmin-prepares-second-wave-of-tax-facilities\/","url_meta":{"origin":614378,"position":5},"title":"FinMin prepares second wave of tax breaks","author":"enterpriseam admin","date":"5 January 2026","format":false,"excerpt":"Good afternoon, ladies and gentlemen. It\u2019s a relatively calm day on the home front, and we\u2019ve got a brisk issue to match with few but important stories, including the Finance Ministry\u2019s second wave of tax facilities, the latest in Venezuela, and a guide to something you might just want to\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1565.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\/614378","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=614378"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614378\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/614376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/614379"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=614378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=614378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=614378"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=614378"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=614378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}