Egyptian shares tumbled in early trading on Sunday, losing their main index about six percent in the first half an hour, and stocks losing about 31 billion pounds (about two billion dollars) of their market value, after sharp declines in the global and Gulf markets.
Global stock markets witnessed sharp losses last Friday to lose five trillion dollars in value over the course of a week, amid fears of the economic consequences of the spread of the Corona virus.
Radwa Al-Swaify, head of research at Pharos Investment Bank, said, "The main reason for what is happening is the fear of the potential global slowdown due to the Corona virus and its impact on the Egyptian economy and the companies listed on the market."
And the Egyptian Stock Exchange stopped trading on 68 shares in the beginning of transactions for ten minutes, due to the descent of those shares more than five percent.
Ibrahim Al-Nimr of Naeem Securities Brokerage said, "The main index targets the level of 12000 points and it may consolidate then and if it breaks down it will target the level of 11400 points."
Shares of Commercial International International fell 5 percent, El Sewedy Electric 9 percent, Heliopolis Housing 13 percent, Palm Hills 10 percent, Sodic, Talaat Mostafa and Emaar Misr 8 percent, Hermes 8.1 percent and Ezz Steel 15 percent.
The Financial Supervisory Authority decided today to facilitate allowing companies listed on the Egyptian Stock Exchange to purchase treasury shares through the open market in order to support the stock exchange.