{"id":617224,"date":"2024-03-18T00:00:00","date_gmt":"2024-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/18\/this-evening-egx30-closes-down-6-3\/"},"modified":"2024-03-18T00:00:00","modified_gmt":"2024-03-18T00:00:00","slug":"this-evening-egx30-closes-down-6-3","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/18\/this-evening-egx30-closes-down-6-3\/","title":{"rendered":"THIS EVENING: EGX30 closes down 6.3%"},"content":{"rendered":"

Good afternoon, friends, and happy Monday. <\/strong>It\u2019s a relatively slow day so far, which begs the question: Could the fabled Ramadan slowdown finally be upon us?<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

The EGX30 was down 6.3% at today\u2019s close<\/strong> amid a sell-off from local institutional investors, according to market data. Abu Qir Fertilizers was the only EGX30 constituent to close in the green today. The index is up 16.9% year-to-date. <\/p>\n

REMEMBER-<\/strong> The EGX began to slip in the immediate wake of the EGP float earlier this month. Many investors had bought into equities as a hedge against an EGP worth 65 or more against the greenback, meaning the drop is, in large part, investors taking profits. <\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Putin\u2019s reelection is still center stage in the foreign press this afternoon:<\/strong> Russian President Vladimir Putin landed a new six-year term in the Kremlin, extending his rule as the longest-serving leader since Josef Stalin. The landslide victory \u2014 which saw Putin receive c. 87% of all votes with no serious competition \u2014 was condemned by Europe (here<\/a>, here<\/a>, and here<\/a>) as violating civil and political rights and democracy. Putin, meanwhile, celebrated the victory as a chance to pursue his plans<\/a> \u201cno matter how much anybody wanted to suppress us.\u201d (Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | CNBC<\/a> | Associated Press<\/a> | NY Times<\/a>)<\/p>\n

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