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Friday, 22 June 2018

Weekend clashes drag Egyptian bourse down

Friday clashes following an Islamist protest reduced turnover at Sunday's session

Ahram Online, Sunday 21 Apr 2013
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
Views: 381
Views: 381

Egypt's bourse saw the value of stocks traded plunge to LE199.2 million at Sunday's session, as its benchmark EGX30 index slid after weekend clashes spooked investors.

The main index of 30 companies slid by slight 0.28 percent to record 5,253 points as Arab and other foreign investors unloaded a combined net LE9.38 million worth of shares.

"The clashes in downtown Cairo over the weekend have discouraged investors," capital markets expert Mostafa Badra told Ahram Online.

Islamists, led by the Muslim Brotherhood from which President Morsi hails, were holding a protest at the High Court in downtown Cairo on Friday to demand a purge of Egypt's judiciary, when confrontations erupted between protesters and unknown opponents, leaving at least 95 injured.

Among the 75 gaining stocks were real estate share Six of October Development & Investment (SODIC), which rose by a negligible 0.15 percent, while TMG Holding and Palm Hills Development Company fared better, gaining 0.73 percent and 2.30 percent respectively.

Blue chips Orascom Construction Industries (OCI), the largest listed company, and Commercial International Bank (CIB), Egypt's largest private sector bank, fell 0.78 percent and 0.52 percent respectively.

The broader EGX70 index rose 0.54 percent on Sunday. 

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