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Egypt's market falls to lowest since December 2013

Ahram Online , Monday 24 Aug 2015
The Egyptian stock exchange
A trader works at the Egyptian stock exchange in Cairo, August 23, 2015 (Reuters)
Views: 1182
Views: 1182

Egypt's market slip slows on Monday following a 5.4 percent plunge in previous sessions as Egyptians turn to net sellers while global and regional markets continue the downfall.

European stocks were more than 5 percent in the red and Wall Street was braced for similar losses after Asian shares slumped to three-year lows, reported Reuters.

The Saudi main index also plunged almost 6 percent.

Egyptian benchmark index, EGX30, dipped 1.92 percent to 6,654 points hitting its lowest level since mid December 2013 and daily stock turnover reached LE444 billion.

Egyptians, comprising almost three quarters of the trading, were net sellers to the tune of LE45 million.

Market bellwether Commercial International Bank (CIB) made the only gains of the session, rising 0.84 percent to LE45.8 per share.

State-run Telecom Egypt dipped 4.84 percent to LE6.4 per share and Global Telecom Holding fell 4.57 percent to LE1.9 per share.

Broader index, EGX70, fell 5.17 percent.

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