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Monday, 18 November 2019

Egypt's stocks slightly down on Sunday ahead of Ramadan

Ahram Online , Sunday 5 Jun 2016
Egyptian stock exchange
A general view of the Egyptian stock exchange in Cairo August 18, 2013 (Reuters)
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Views: 1018

Egypt's benchmark index EGX30 edged down 0.71 percent to 7,563 points on Sunday, one day before the start of the holy month of Ramadan.

Trading in the stock markets tends to slow down during this time of year as trading hours are reduced, analysts told Ahram Online last week.

Egyptian Muslims fast from dawn to dusk every year during Ramadan, which is set to start this Monday.

Trading sessions will start at 10am Cairo Local Time and end at 1:30pm CLT, reducing trading hours by one hour.

Daily stock turnover was as low as EGP 253 million on Sunday.

Non-Arab foreign investors were net sellers to the tune of EGP 11 million while Arab investors were net buyers to the tune of EGP 17 million.

Market bellwether Commercial International Bank (CIB) inched down 0.58 percent to EGP 42.6 a share.

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