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Egypt's stocks fall amid global decline

Ahram Online , Reuters , Wednesday 4 May 2016
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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.

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