Egypt Stock Exchange .. The latest join the list of the largest affected by the Iran and Israel War

The most important index of the Egypt Stock Exchange reduced its losses at the end of Sunday’s trading, to 7.5%, with the largest rate of losses since 2020 at the beginning of trade, amid strong sales by individual traders, to join the list of people in Egypt from the ongoing war between Iran and Israel, which began on Friday. Egyptian shares lost about 100 billion pounds of their market value to 2.2 billion pounds. While trading on the shares of 47 businesses was suspended after dropping by more than 5% and 10% during the trading. The main index closed, with 4.6% to the level of 31.06 thousand points. It comes, while Israel and Iran continued to exchange the shooting for the third day in a row, in a military escalation that has no end, amid the growing fear of expanding the conflict. Israel said on Sunday that it had pushed a new wave of missiles launched by Iran to an interception of a previous group in collaboration with the launch of attacks on Tehran. Since midnight, the strikes have killed four people and wounded 207 others in Israel, according to emergency services. The Egyptian currency was also damaged, and the pound fell 50 against the dollar on the first day of trading 50 after the mutual strikes between Israel and Iran. The pound is for sale today, 50.6 and 50.7 for sale in “Banque Misr”, while it reached 50.67 for purchase and for sale 50.77 in the “National Bank of Egypt”. The pound was traded against the dollar at about 49.82 on Thursday. Hani Genena, head of the research unit at Al -Ahly Pharos for the trading of securities, is of the opinion that the refugees of the Egyptian market are expected, in light of the state of panic among individual investors. He added that current sales fall within the framework of coverage of open centers, especially to strong profits achieved by the Egyptian Stock Exchange within about a month and a half. He expected the market to see a reversal this week, with the support of the attractiveness of price. He said: “The institutions will not miss the opportunity at these attractive price levels.” The flurry of landing wipes the markets. This decline comes amid a decline in the Gulf stock exchanges that followed declines in the global markets, as the “S&B 500” index scored a 1.1% drop last Friday, in its worst session since last May 21, while the “NASDAQ 100” index fell 1.3%. The ‘Seven Greats’ shares of the seven shares of about 0.8%, with the decline in the shares of “Invidia”, “Apple”, “Alphabet”, “Microsoft”, “Mita” and “Amazon”. In the comments on the decline in the Egyptian market, the deepest among the markets of the region, Izzat Rania Yaqoub, chairman of the board of directors for the trading of securities, is in an interview with ‘Al -Sharq’, the reason is that 70% of panic in such events. She expected to calm the pace of the landing in the middle of the week, but made it clear that the impact of this long -term conflict could be early. Ibrahim Al -Nimr, head of the technical analysis division in “Naim Finance”, believes that the decline in the main index reached 2,500 points at one time and the level of support reached 30 thousand points, the index to the level of 28,350 points in the near term. However, he expected the market to gradually return 33 thousand points to the resistance level if the geopolitical conditions improved. Other Egyptian sectors, Egypt, postponed the opening of the Grand Egyptian museum to the last quarter of this year, instead of pushing the effects of the ongoing war. The advertisement represents a counter -wind for the Egyptian tourism sector, which is one of the five most important sources of foreign government opportunity. On the other hand, the country has suspended the pump of diesel and diesel for the factories it uses as fuel in industries such as food and cement for 14 days, with the aim of supplying about 8 thousand tons of diesel daily to meet the needs of power stations, in view of the closure of the “Levichan” Navichan Naval Gas Field in Israel, which gets Egypt part of the production.