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Tuesday, 25 September 2018

UPDATED: Egypt's stocks closed the week in red, hit 27-month low

Ahram Online , Thursday 14 Jan 2016
Egyptian Bourse
File Photo: Cairo Stock Exchange in Cairo (Reuters)
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Egypt's stocks tumbled on Thursday as global and regional stocks slid on brent oil’s fall below the $30 threshold.

Benchmark index EGX30 sank 5.6 percent to its lowest since October 2013 at 5,857 points. Daily stock turnover recorded LE395 million.

European and Asian stocks plunged on Thursday after brent oil crashed below $30 a barrel and Wall Street cut two days rally on Wednesday.

Institutions, which represent 50 percent of the session's trading value, were net sellers to the tune of LE49 million.

Blue chip Commercial International Bank (CIB) declined 6.41 percent to LE31.8 per share.

Orascom Telecom for Media and Technology (OTMT) saw the largest decline in the main index, falling 10 percent to LE0.55 per share.

Leading real estate developers TMG holding and Palm Hills for development tumbled 2.52 percent to LE5.39 per share and 7.55 percent to LE1.97 a share respectively.

Broader index EGX70 dropped 6.12 percent.

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