Last Update 21:29
Thursday, 14 November 2019

Egypt's stocks plunge by mid-day trading

Stocks almost across the board fell Sunday in the wake of last weekend's Russian plane crash, now suspected to be the result of a mid-air explosion

Ahram Online , Sunday 8 Nov 2015
Egypt's stock market (Reuters)
Views: 1084
Views: 1084

Egyptian stocks opened the week in the red after the United Kingdom and Russia suspended flights to Egypt at the weekend in the wake of the Russian plane crash.

The UK, one of the main tourist exporters to Egypt, suspended all flights by UK-based airlines over Sinai after fears that an explosive device likely caused last weekend's crash. Russia also suspended all flights to Egypt on Friday.

The benchmark EGX30 index dropped 1.72 percent, by 1pm Cairo local time, down to 7,425 points. Daily stock turnover ranged around LE293 million.

With the exception of Oriental Weavers, Ghabour Automotives and Telecom Egypt, stocks which remained unchanged at 1pm, all other stocks in the main index were in the red.

Porto Group, real estate developer for resorts, was the session's largest depreciator, falling 6.67 percent to LE0.42 per share, at the highest turnover of LE29 million.

Egyptian for Tourism Resorts, was amongst the steepest decliners, falling 4.08 percent to LE0.92 per share.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.