Last Update 20:45
Saturday, 16 November 2019

Egypt's stocks fall amid global decline

Ahram Online , Reuters , Wednesday 4 May 2016
Share/Bookmark
Views: 1062
Share/Bookmark
Views: 1062

Egypt's stocks continued to decline on Wednesday amid a global retreat driven by signs of a renewed and prolonged downturn in global growth.

Benchmark index EGX30 dipped 1.18 percent to 7,442 points and daily stock turnover hit EGP588.4 million.

Lackluster manufacturing data from across the world set off this week's selling spree, notably Chinese factory activity shrinking for the 14th straight month and British output at a three-month low.

Tuesday's surprise interest rate cut in Australia and downgraded growth and inflation forecasts from the European Commission also weighed.

Egyptian investors were net sellers to the tune of EGP50 million while Arab investors were net buyers to the tune of EGP55.8 million.

Blue chip Commercial International Bank (CIB) fell 1.29 percent to EGP43.5 per share and Orascom Telecom Holding for Media and Technology (OTMT) decreased 1.39 percent to EGP 0.72 a share.

Global Telecom Holding saw the sharpest decline in the main index, falling 4.24 percent to EGP2.71 a share.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.