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Egypt's market continues fall as Egyptians sell

Stocks still suffering after Egyptian airstrikes on Islamic State targets in Libya

Ahram Online , Tuesday 17 Feb 2015
The Egyptian stock market (Photo:Reuters)
Views: 984
Views: 984

Egypt's stocks continued to fall for the second session after the Libya attacks amid net selling by Egyptians who dominated around three quarters of all trading.

Benchmark index, EGX30, fell 1.59 percent to register 9,433 points on Tuesday and daily stock turnover recorded LE657 million.

Early Monday saw air strikes by the Egyptian army against Islamic State militants in Libya in response to the beheading of 21 Egyptian Coptic Christians. The events drove down the Egyptian market on Monday by more than two percent.

Non-Arab foreign investors were net buyers to the tune ofLE36 million while Egyptians and Arabs contributing together 83 percent of trade were net sellers.

Market bellwether, Commercial International Bank (CIB), dropped 0.51 percent to LE54.6 per share.

Investment company, Belton Financial and steel manufacturer Ezz steel were the market's largest decliners, falling 4.85 percent to LE10.9 per share and 4.74 percent to LE15.61 per share respectively.

Ezz steel reported a widening in losses for the third quarter to LE285.38 million from LE84.1 million in the same period a year earlier.

Broader index, EGX70, dipped 2.66 percent.

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