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Market Update: Egypt stocks tumble with fresh oil price slide, global equities

Ahram Online , Wednesday 20 Jan 2016
Egyptian Stock Exchange
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Egypt stocks resumed their decline on Wednesday after U.S. oil prices fell to a new low, weighing on global equity markets.

The benchmark EGX30 index had tumbled by over 4.5 percent to 5,821 points by mid-session, wiping out gains from the previous session’s rally.

Market bellwether Commercial International Bank (CIB) was down over 6 percent to LE30.96, while other blue chips took a hammering, including property developer TMG Holding, which plunged over 5.6 percent to LE5.37.

Non-Arab foreign investors were the main net-sellers, to the tune of LE20.4 million, according to bourse data.

Chinese, Asian, and European stocks were in the red on Wednesday as the price of U.S. crude reached a 13-year low of below $28 a barrel.
 

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