Egypt's market continues to fall, hits lowest record in a year

Ahram Online , Wednesday 19 Aug 2015

The Egyptian stock exchange (Reuters)

Egypt's market plunged for the fifth consecutive session, hitting its lowest record in more than a year.

Benchmark EGX30 plummeted by 2.13 percent recording 7,240 points with daily stock turnover closing at LE486.8 million.

Institutions, which contributed around 42 percent of the session's trading, were net sellers to the tune of LE14 million.

Oriental Weavers, one of the largest carpet makers in the world, saw its shares drop 2.5 percent to LE9.86 per share, following accusations of monopolistic practices by the Egyptian Competition Authority on the previous day.

Market bellwether, Commercial International Bank (CIB), dipped 3.16 percent to LE48.58 per share.

Cables manufacturer saw the biggest decline in the index, falling 5.17 percent to LE43.5 per share.

Broader index EGX70 fell 1.26 percent.

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