Egypt’s stocks slumped Wednesday as Egyptians, particularly individuals, who represent more that two thirds of the market, went on a selling spree with assets moving to foreign and Arab investors.
The market’s benchmark EGX30 index was down 2.59 percent to register 7,459 points in a session that witnessed local investors net sellers to the tune of EGP 51.3 million.
Foreigners and Arab investors were net buyers of some EGP 16.4 million and EGP 34.9 million respectively.
All listed stocks in the main index were in the red, led by Commercial International Bank (CIB) that dipped 0.63 percent to close at EGP 39.48 per share.
Real estate developer Talaat Mustafa Group (TMG) dropped 2.76 percent to register EGP 6.35 per share.
Telecom Egypt (TE) slumped three percent to EGP 8.34 per share.
El-Swedy Electric inched down 0.27 percent to EGP 44 per share. The Egyptian renowned cable maker said that it will pay a dividend of EGP 2 per share from 2015 profits over two installments, the first of which will be paid as soon as a formal approval is secured and the second before the end of September.
Out of 179 securities traded in the day, only 16 saw gains while 142 tumbled with the daily turnover recording around one billion Egyptian pounds.
The broader EGX70 index shrank 1.40 percent.