Egyptian stocks drop 3.58 percent following global, regional trends
Ahram Online, , Tuesday 16 Dec 2014
Egyptian stocks slide as foreign investors re-evaluate their investments amid falling global and Gulf stock exchanges


The Egyptian stock market sunk on Tuesday, following global trends, as the drop in oil prices affected both local and international markets.



The EGX30 index lost 3.58 percent by the end of the session to record 8,515 points, reversing Monday's modest gains.



On Sunday, the market dropped to its lowest level in a month, losing 5 percent in one session.



The drop in oil prices is seriously affecting global markets, as well as Gulf oil exporting countries' markets.



On Tuesday, Qatar's bourse fell 3.5 percent, Kuwait lost 2.4 percent and Oman was down 2.0 percent.



Saudi Arabia and the UAE's stock markets dropped around 7 percent each.



As a result, foreign and Arab investors are revaluating their investment priorities in Egypt.



Foreign investors in the EGX30 were net sellers to the tune of LE126 million ($17.7 million), while Egyptians were net buyers.



Market bellwether Commercial International Bank (Egypt) lost 3.21 percent.



Financial services and real estate registered heavy losses.



Egyptian Financial Group-Hermes Holding Company and Prime Holding lost 6.39 percent to reach LE15.67 and 5.9 percent to reach LE 4.43 respectively.



Real estate leading stock, Talaat Moustafa Group (TMG Holding) lost 5.38 percent to reach LE9.49. Other shares in the sector, Palm Hills Development Company and Six of October Development & Investment (SODIC), dropped 5.68 percent to LE3.65 and 4.24 percent to LE 14.45 respectively.



Telecom Egypt lost 3.05 percent to LE12.08, while Global Telecom Holding lost 7.16 percent to LE3.5.



The broader EGX70 index lost 4.35 percent in Tuesday's session.



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