EGX announces 4-day holiday for Eid al-Adha

Tue, Aug. 14, 2018
CAIRO – 14 August 2018: The Egyptian Exchange (EGX) announced that the bourse will be off for four days on the occasion of Eid El-Adha, starting from Monday, August 20 to Thursday, August 23.

EGX added in a filing to its official website that trading will be resumed on Sunday, August 26.

Eid El-Adha is also called the "Feast of Sacrifice" and is the second of two Islamic holidays celebrated worldwide each year.

It honors the willingness of Ibrahim (Abraham) to sacrifice his son as an act of obedience to God’s command. Before Abraham sacrificed his son, God provided a male goat to sacrifice instead. In commemoration of this, an animal is sacrificed and divided into three parts: one third of the animal is given to the poor and needy; one third is given to relatives, friends and neighbors; and one third is retained by the family.

The last holiday for EGX was on July 23 on the occasion of July 23 revolution, and work resumed on July 24.

Meanwhile, The Central Bank of Egypt (CBE) announced earlier on Tuesday that banks will go on an official holiday on the occasion of Eid El-Adha, starting from August 20 until August 23.

EGX ended Monday’s session in red for the second consecutive session, losing LE 9.9 billion of its market capitalization, amid Egyptian and foreign selling.

The benchmark EGX30 slipped 1.38 percent, or 216.82 points, to close at 15,738.34 points.

The equally weighted index EGX50 declined 1.97 percent, or 51.26 points, to reach 2,553.80 points.

The small and mid-cap index EGX70 decreased 0.67 percent, or 5.05 points, reaching 745.73 points, and the broader index EGX100 inched down 0.77 percent, or 14.89 points, closing at 1,924.81 points.

Market capitalization lost LE 9.92 billion, recording LE 867.48 billion, compared to LE 877.39 billion in Sunday’s session.

The trading volume reached 229.28 million shares, traded through 23,246 transactions, with a turnover of LE 703.48 million.
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