Egypt’s stocks ended trading Wednesday slipping amid negative news and unrest spreading in the country.

The bourse’s benchmark EGX30 declined by one per cent, recording 4.994.91 points. “It turned down below 5000 points again, so this is driving investors to sell more than buy,” said Eissa Fathy, head of the securities division, in the Cairo Chamber of Commerce.

Egypt has recently experience a wave of unrest, starting with sectarian clashes in Giza’s Dahshour district and ending Sunday when around 35 assailants attacked and killed 16 Egyptian soldiers in Sinai on Egypt's border with Gaza.

“These incidents are linked to politics and state security, but there is news that could be harmful for the economy about the fall of Egypt’s foreign reserves,” Fathy told Ahram Online.

Egypt's foreign currency reserves resumed a steep decline, falling to $14.42 billion in July from $15.53 billion in June, according to figures from the Central Bank issued Tuesday.

Fathy added that foreign investors are again feeling the political uncertainty, especially after President Mohamed Morsi missed on Tuesday the military funeral of the 16 slain Egyptian soldiers.

The broader EGX70 index dropped by 0.4 per cent.

All heavyweight shares tumbled based on negative reports and announced financial results.

Commercial International Bank (CIB) and Orascom Construction Industries led the losers, slumping 0.2 and 0.6 per cent respectively.

CIB witnessed the highest daily turnover on Wednesday (LE168 million) with foreigners significantly represented at 45 per cent of trades. “Foreigners are the main traders on CIB,” Fathy explained.

Foreign investors were net sellers with LE16.7 million while Egyptians were net buyers with LE14.6 million.

Shares in Orascom Telecom and Telecom Egypt were down two per cent and 1.6 per cent respectively.

Landline monopoly Telecom Egypt reported a 25 per cent drop in second-quarter net income Wednesday, pushed lower by weaker revenue and employee demands for higher pay since the 2011 popular uprising.

Property shares Talaat Mostafa Group (TMG), SODIC and Palm Hills declined by 2.3 per cent, 1.7 per cent and 2.3 per cent respectively.

Egyptian property developer TMG reported first-half net income of LE328.8 million ($54.11 million) on Wednesday, down 11 per cent from the same period a year earlier.

Of 166 stocks traded Wednesday only 33 gained and 125 saw losses in a session reaching LE480 million in total.