Egyptian stock exchange loses $870m on economic slowdown fear

The market cap of listed companies on the country’s blue-chip index EGX30 fell from 674 billion Egyptian pounds to 658 billion Egyptian pounds in the week. (AFP/File)

RIYADH: Egypt’s stock exchange lost 16.2 billion Egyptian pounds ($870 million) last week, weighed down by fears over a global economic slowdown.

The market cap of listed companies on the country’s blue-chip index EGX30 fell from 674 billion Egyptian pounds to 658 billion Egyptian pounds in the week, Saudi Press Agency reported.

With most stocks on the index finishing lower, EGX30 posted a weekly decline of 1.04 percent to close at 9,866.75 points.