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Egypt’s stocks lose 1 pct on appointment of new PM

Appointment of Hisham Kandil as Egypt's new prime minister fails to please the market with stocks falling 1 pct on Tuesday

Ahram Online, Tuesday 24 Jul 2012
Views: 3717
Views: 3717

Egyptian stocks lost 1 per cent in value to close at 4.819 points on Tuesday. The appointment of the long-awaited prime minister did not have a positive effect on the market, which began falling in early trading and continued on that trend all day.

Out of 170 traded stocks, 47 gained in value, 97 lost and 26 remained unchanged.

Turnover was high compared to the average at LE529 million.

The broader index EGX70 lost 0.38 per cent.

A detailed market report will follow shortly.

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