Egypt’s benchmark EGX30 fell sharply today after demonstrations swept across several cities yesterday demanding economic and political reforms. This turmoil spread jitters among investors.
The benchmark EGX30 index fell 6.14 per cent, to 6.310 points, extending its decline this year to more than 10 per cent. This is the index's biggest decline in one day in its history. The EGX70 slid 10.4 per cent, to 635 points.
“This is normal due to the concerns of retail traders, they rush to sell due to the political instability,” says Mohamed Maher, CEO and deputy chairman of Prime Holdings.
“The market instability is expected to continue tomorrow as a result of waiting the outcome of the reactions in the Egyptian street," added Maher.
Foreigners and Arabs were net sellers after midday transactions, while nationals went for buying, recording LE713.674 m.
More than 94.8 m shares were exchanged through 31,200 transactions, at a total value of LE865 m.
All leading stocks ended in the minus territory, led by EFG-Hermes which slumped 6.65 per cent to LE30.05. Orascom Construction Industries (OCI) retreated almost 6.04 per cent to LE257.05.
Commercial International Bank (CIB) slid 3.28 per cent to LE40.08. Orascom Telecom Holding (OTH) came fourth, dipping 3.1 per cent to LE4.07.
More than 20 equities have been suspended for half an hour as a result of declining by more than 10 per cent, in compliance with rules governing the stock market.