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Egyptian stocks shift to loss after several sessions up

Local shares' plunge influenced by sharp drop of Gulf markets as oil price reaches five-year low

Ahram Online , Tuesday 9 Dec 2014
Egyptian stock exchange
A trader watches his monitor at the Egyptian stock exchange in Cairo (photo: Reuters)
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Egypt's stocks lost 1 percent on Tuesday, with the benchmark index EGX30 closing at 9,482 points.
 
Twenty-seven of the index's 30 shares lost in value.
 
Egyptian and foreign non-Arab investors where the only net buyers, recording a net flow of LE32.6 million ($4.5 million) and LE2.6 million ($366,000), respectively, while Arab investors were the only net sellers.
 
The local market was affected by a downward trend of oil exporting Gulf markets, driven by a drop in oil prices.
 
On Tuesday, the price of Brent crude oil hit a new five-year low of $65.33 per barrel.
 
Turnover jumped to LE 988 ($139 million).
 
Market bellwether Commercial International Bank (Egypt) lost 0.64 percent to LE50.98.
 
Two other big caps, Telecom Egypt and Global Telecom Holding, lost 1.62 percent to LE13.39 and 2.01percent to LE4.16, respectively.
 
Heliopolis Housing gained 2.98 percent to LE59.86, perpetuating a rise that started Monday after its annual meeting approved the distribution of a cash dividend of LE1 per share.
 
The broader index EGX70 lost 1.23 percent.
 
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