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Thursday, 12 December 2019

Egypt's stocks slide as Arab investors sell

Egypt's main index closes in the red, influenced by drop in Gulf markets and global oil prices

Ahram Online , Monday 1 Dec 2014
 Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo, November 19, 2014 (Photo: Reuters)
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Egypt's benchmark GEX30 index dropped 0.8 percent to 9,233 points on Monday, following downward movement in Gulf markets.

Most Gulf markets fell on Monday amid fears of a plunge in oil prices – but with a slower pace than the day before.

In the Egyptian market, Arab investors were the only net-sellers for LE49.6 million ($7 million), while non-Arab foreigners and Egyptians were net buyers.

Turnover continued to slide compared to last week's sessions, registering only LE574.5 ($80.9 million).

Market bellwether Commercial International Bank (CIB) fell 1.01 percent to LE48.99. Other big caps Telecom Egypt and Global Telecom Holding lost 0.35 percent and 0.94 percent to LE14.18 and LE4.22, respectively.

T M G Holding, the largest listed real estate developer, fell 0.89 percent to close at LE10.05.

Orascom Telecom Media and Technology Holding continued to rise, however, gaining 2.26 percent to LE1.36.

Out of 186 stocks listed over the day, 110 declined and 52 gained in value.

The broader index EGX70 lost 0.3 percent.

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