Egypt's stocks plunged on foreign and Arab selling as global markets were hit by a weaker Chinese yuan.

Benchmark index EGX30 dipped 2.58 percent to register 7,398 points and daily stock turnover was recorded at LE501 million.

On Tuesday, a six percent fall in China's market, following the weakening of the yuan against the dollar, stirred fears on the impact the world's second largest economy would have on global consumption and trade.

US oil prices hit their lowest levels in more than six years.

Gulf markets were hit as the world's largest oil producer Saudi Arabia saw its index drop 2.85 percent and Dubai Financial market saw its index fall 2.53 percent.

Foreign and Arab investors were net sellers in the Egyptian market, in the amount of LE25 million.

Market bellwether Commercial International Bank (CIB) dropped 3.59 percent to LE49.7 per share at the session's highest stock turnover of LE78 million.

GB Auto saw the biggest decline, falling 4.75 percent to LE3.13 per share.

Cable manufacturer El-Swedy Electric and Sidi Krir Petrochemicals were the only gainers in the main index rising 0.4 percent to LE45.5 per share and 0.24 percent to LE12.77 per share respectively.