Egypt’s stocks opened the trading week on Sunday sharply tumbling in midday trading, affected by the ongoing fall in oil prices that is taking its toll on Arab Gulf markets, an analyst said.
Egyptian main index for listed securities EGX30 dipped 3.6 percent, registering 6,395 points. The broader index EGX70 is down 2.3 percent.
The Arab stock markets are influential on the Egyptian economy, given the joint economic and political interests between the governments, said Eissa Fathi, the vice head of securities division at the Cairo Chamber of Commerce.
“The daily turnover is weak, which implies that the losses aren’t worrying,” he added, expecting a rebound in the next session.
The daily turnover of the listed securities reached some LE247.2 million.
Brent crude posted its biggest weekly percentage drop in over a year on Friday to settle at $37.93 after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year, Reuters reported.
Earlier on Sunday, Qatar's stock index tumbled 3.8 percent, Dubai's bourse fell 1.6 percent, and Saudi index TASI declined 3.2 percent.
Out of 152 listed shares, only nine gained while 119 suffered losses, led by the heavyweight Commercial International Bank (CIB) that slipped 4.3 percent to be sold at LE34.19 per share.
The leading real estate listed developer Talaat Moustafa Group (TMG) fell 4.3 percent to register LE5.95 per share. Global Telecom Holding (GTH) dropped 5.7 percent to be sold at LE1.96 per share.