The Egyptian stock market sharply declined today, Sunday, recording significant losses and approaching a drop below 35,000 points.

The main EGX 30 index fell by 1.62%, reaching 35,148.14 points.

This sharp decline came despite the Central Bank’s Monetary Policy Committee decision last Thursday to cut interest rates by 2%, a move that usually increases the stock market’s attractiveness.

The drop was led by the Commercial International Bank’s shares, which fell by 0.64%, and Talaat Moustafa Group’s shares, which declined by 1.33%.

The Egyptian stock market had limited gains last week, with the main index rising only 0.29%.

The market continued to rise on Thursday for the second consecutive session but with very limited gains compared to Wednesday.

The main EGX 30 index rose by 0.14%, reaching 35,727.19 points.

The index had gained about 0.9% on Wednesday but lost about 1.3% on Tuesday.

The Egyptian stock market was stable on Monday with no change after a limited rise on Sunday, standing at 35,810.57 points.

The main index has been moving between two levels, 35,000 and 36,000 points, for over a month, with the higher level proving difficult to surpass as the index tends to fall back below it.

The Egyptian stock market saw a limited rise on Sunday, the first trading day of the week, which may indicate a similar movement scenario to last week.

The main EGX 30 index rose by 0.53%, reaching 35,811.9 points.

With today’s drop, the main index’s gains since the start of the year fell from 20.13% at the end of last week to 18.18%.