Last Update 21:38
Saturday, 19 October 2019

Egypt stock losses slow on hope of military-brokered solution

Main index dips 1.7% at start of session, but losses slow to 0.32% after buyer confidence boosted by meetings between military and political factions

Ahram Online, Wednesday 3 Jul 2013
Egypt stock losses
File photo: Egypt's President Mohamed Mursi (R) meets with Defence Minister General Abdel Fattah Sisi in Cairo in this August 22, 2012 (Photo: Reuters)
Views: 1359
Views: 1359

Egypt's main index closed down 0.32 percent on Wednesday to sit at 4,971 points as early market losses slowed throughout the session.

The main index dipped 1.7 percent at the beginning of the session in response to a Tuesday night speech by President Mohamed Morsi and bloody clashes at a protest site near Cairo University.

"The speech was threatening, and made people expect further violent clashes," Osama Mourad, an independent analyst and former chief executive of Arab Finance Brokerage, told Ahram Online.

Speaking a day after mass popular protests demanding his ouster had spurred the armed forces to announce a 48-hour ultimatum for Morsi to "meet the demands of the people," Egypt's first democratically-elected president vowed to protect his legitimacy with his life if necessary.

Hours after the speech, violence broke out near Cairo University where supporters of the president had gathered earlier, leaving 16 dead and at least 200 injured.

But buyers made a comeback as the session progressed, "and especially after the armed forces announcement of its meeting with the different political factions" shortly before the end of the session, explained Mourad.

By session's end, total turnover was recorded at LE454 million.

Egyptian investors were the net buyers, to the tune of LE55.4 million.

Blue chip Commercial International Bank fell 2.31 percent, Orascom Telecom slid 0.48 percent and TMG Holding lost 1.17 percent.

However, the EGX 30 was buoyed by Orascom Construction Industries, Egypt's largest listed company, which gained 0.75 percent, as well as real estate heavyweight Palm Hills Development, which rose 3.98 percent, and Six of October for Development & Investment, up 5.11 percent.

The EGX 70 index, on the other hand, closed in the green, up by 1.44 percent.

Short link:


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.

© 2010 Ahram Online.