Urgent - The Egyptian Stock Exchange is declining after the second filling of the Renaissance Dam

The Egyptian stock market fell on Wednesday after Ethiopia informed Egypt and Sudan that the second filling of the Grand Ethiopian Renaissance Dam had begun. The main Egyptian index fell by about 3% in the first hour of trading on Tuesday, during weak trading, after Ethiopia told Egypt and Sudan last night that the second filling of the dam had begun.

The main market index has dropped 1.89 percent to 10,152.4 points at 08:48 GMT, with a trade value of 236.4 million pounds. Commercial International Bank was down 1.4 percent, Talaat Moustafa Group was down 4.5 percent, Fawry was down 1.9 percent, El Sewedy Electric was down 2.7 percent, and Pioneers Holding was down 4.7 percent.

"What is happening is fear operations by investors that push them to sell in the market," said Rania Yacoub, Chairman of the Board of Directors of the Triple Securities Brokerage Company. "The market will consolidate again during the end of trading, as long as there are no strong sales from institutions in the leading shares in the market." There's no need to be concerned."