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Egypt stocks dip amid global, regional downturn

Ahram Online , Wednesday 6 Jan 2016
Egypt
Egypt's stocks (Reuters)
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Egypt’s stocks plunged on Wednesday amid a downturn in global and regional markets.

Benchmark index EGX30 declined 1.41 percent to 6,922 points with daily stock turnover at LE425 million.

Regional markets took a dip after oil prices hit their lowest since early July 2004 with brent crude falling to $35.07 a barrel.

The Saudi main index fell 3 percent this session, its lowest in more than 3 years, and Dubai inched down 0.2 percent.

Arab and other foreign investors were net sellers in the Egyptian bourse with around LE37 million.

Blue chip, Commercial International Bank (CIB) plunged 2.36 percent to LE37.9 per share, and Palm Hills for Development, a leading real estate developer, dipped 3.28 percent to LE2.37 per share.

Orascom Telecom for Media and Technology (OTMT) fell 1.45 percent to LE0.68 per share and investment bank EFG-Hermes dropped 0.94 percent to LE8.45 a share.

The Egyptian bourse will be closed on Thursday in celebration of the Egyptian Coptic Christmas, extending the weekend by one day. Trade will resume on Sunday.

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