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Egypt's stocks closed Sunday in red on Paris bloody attacks

Fears of fresh instability in the region drives stocks down in Egypt following Friday's coordinated attacks in Paris

Ahram Online , Sunday 15 Nov 2015
Egyptian stock market
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)
Views: 1909
Views: 1909

Egypt's stock market closed down when 131 shares declined out of a total of 168 listed  Sunday in a session that saw domestic investors net sellers as they predict rising instability and a worsening security situation in the region following the weekend attacks on Paris, which have been claimed by Islamic State (ISIS).

The benchmark EGX30 index plunged 4.18 percent to record 6,522 points, while the broader EGX70 index was down 4.36 percent. Daily stock turnover was LE291.3 million.

"The attacks will negatively impact security in the region and hence slow Egypt's economic recovery," Osama Mourad, chairman of Acumen Securities, told Ahram Online.

At least 129 people died in Paris in a series of attacks Friday. Around six sites saw attacks, including Bataclan Theatre, which witnessed at least 100 deaths when attackers opened fire on concert-goers.

Egypt seeks to boost its economy by attracting foreign investors to the country, for whom stability is a necessity.

The bourse was already hit by a hike in interest rates that could take a toll on listed companies' profitability and lower market liquidity, said Mourad.

Market bellwether Commercial International Bank (CIB) fell 3.79 percent to LE45 per share. The biggest listed real estate developer, Talaat Moustafa Group (TMG), dropped 6.5 percent to LE5.88 per share while Orascom Telecom for Media and Technology (OTMT) dipped 6.58 percent to LE0.70 per share.

Egyptians sold 17.8 million worth of shares while Arab and Non-Arab foreigners were net buyers to the tune of LE7.6 million and LE10.2 million respectively.

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