Stock market loses LE7.4 bn amid fears of renewed violence

Stock indices fell drastically at the end of Monday’s trading session, with an intense selling on the part of foreign investors influenced by the violent riots witnessed since the clearing of the Muslim Brotherhood’s sit-ins.
The main EGX30 index fell by 3.87 percent to close at 5334.5 points, the small and medium-sized index fell by 1.85 percent to 421 points, and the broader EGX100 index fell by 2.17 percent to 721.7 points.
Total trading reached LE 341.1 million through 17,300 transactions, and the capital market lost LE 7.4 billion to close at LE 353.1 billion.
Financial expert Ihab Saeed said foreign sales should not represent any concerns to the Egyptian market given the support of Arab and Egyptian investors. “Foreign investors will stop indiscriminate selling and start buying again,” he said.
Edited translation from Al-Masry Al-Youm


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