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Thursday, 29 October 2020

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: 1294
Views: 1294

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.

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