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Friday, 22 March 2019

Egypt's stocks plunge amid modest turnover

Juhayna Food Industries shares plunged after their chief Safwan Thabet's assets were confiscated on Thursday

Amal Mahmoud, Sunday 16 Aug 2015
Egypt
Egypt's stock (Reuters)
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Egypt's stock market sank to a one-month low on Sunday, the first trading day after the government confiscated the assets on Thursday of Safwan Thabet, Juhayna Food Industries' chief, for alleged ties with the Muslim Brotherhood.

Benchmark index, EGX30, dropped 3.2 per cent, closing at 7625.76 points. Daily stock turnover recorded LE349.5 million. 

Juhayna Food Industries shares plunged 7.5 per cent. All of Thabet's shares in Juhayna will be frozen as soon as the stock exchange is notified, according to bourse chairman Mohamed Omran, who was quoted by state-news agency MENA on Thursday.

Safwan's assets are among the 1117 NGOs and 50 hospitals that were confiscated across the country on Thursday due to their affiliation with the Muslim Brotherhood.

Orascom Telecom Media and Technology Holding (OTMT) recorded the highest turnover of LE47.5 million with its share price closing at LE0.8.

Amer Group Holding and Commercial International Bank CIB followed OTMT, recording a turnover of LE36.7 and 24.5 million, respectively. Both AMER and CIB share prices fell three per cent to close at LE 0.97 and 52.24, respectively.

Individuals dominated Sunday's session as Egyptians and Arabs were net buyers. Arab institutions were the only net buyers of all institutions.

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