Egyptian Bourse loses 4bn EGP over international markets drop

The Egyptian Exchange (EGX) indexes thudded down in the beginning of Wednesday trading session over a drop in international bourses triggered by fears of international economic stagnation over China's economic meltdown.

China's surprise devaluation of its currency on Tuesday is an admission of economic weakness.

The People's Bank of China on Tuesday implemented a one-time depreciation of nearly 2 percent to the yuan to levels last seen three years ago against the dollar. The move was also the biggest one-day fall since a massive devaluation in 1994, when China aligned its official and market rates.

On Wednesday, the EGX main market capital lost about 4 billion pounds in 15 minutes to hit 488 billion pounds.

The main benchmark EGX 30 index plummeted down by 1.36 percent reaching 7973.2 points.

The broader EGX70 index of the leading small and medium sized enterprises (SMEs) dropped by 0.9 percent recording 448.39 points.

The overall EGX100 index shaved off 0.72 percent reaching 933.45 points.