Cairo, Egypt – In a sudden turn of events, the Egyptian Stock Exchange experienced a sharp decline during Wednesday's trading session, as stocks plummeted from their morning gains led by the Commercial International Bank (CIB) shares.
After a strong start with the CIB stock soaring from 86 to 95 EGP, the market took a sharp downturn at 12:45 PM, resulting in the market capitalization dropping from 2.108 trillion EGP to 1.980 trillion EGP.
The Commercial International Bank faced a loss of about 13 billion EGP in its market value within moments. This decline significantly affected the market indices, with the broader EGX 100 index falling by 9% to 8976 points, the EGX 70 index for small and medium-sized shares dropping by the same margin, and the benchmark EGX 30 index recording a 6.3% decrease to 28434 points.
The sharp decline in prices prompted the stock exchange management to suspend trading on 66 securities for 10 minutes after they fell by more than 10%.
