An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)
Egypt's market dropped, despite starting the session up, after a bomb explodes in Sharqiya and clashes at Al-Azhar University continued.
The benchmark EGX 30 index fell 0.56 percent to 6,774 points at Sunday's close.
The Sharqiya governorate witnessed an explosion at its military intelligence headquarters in the city of Anshas on midday Sunday, according to state TV.
"The blast in Sharqiya signifies a continuing pattern of such explosions near the country's capital, which drove investors to sell their shares,” Osama Mourad, an independent analyst and former chief executive of Arab Finance Brokerage, told Ahram Online.
Clashes erupted Sunday at Al-Azhar University's all-male campus between security forces and students supporting former president Mohamed Morsi, who are calling on others to boycott exams.
Al-Azhar, along with a number of other universities, has witnessed numerous anti-government protests since the beginning of the academic year in October.
Turnover of listed stocks recorded a low of LE270 million ($38.9 million), which Mourad argues is a positive sign as it indicates the drop in the market is weak.
Non-Arab foreign investors were net sellers at a value of LE13.3 million ($1.9 million) while Arabs were buyers of more than LE10.7 million ($1.5 million).
"Arab investors expect the market to recover as a consequence of Arab aid to Egypt, which motivates them to buy at the current prices," Mourad said.
Of the 180 listed stocks, only 46 were gainers, leaving 110 down and 24 unchanged.
In the real estate sector, shares in Palm Hills Development Company declined by 1.49 percent to LE2.65 ($0.38) per share and Amer Group dropped by 1.37 percent to LE0.72 ($0.1) per share.
However, Arab Real Estate Investment Co. (ALICO) managed to rise by 5.38 percent, closing at LE0.98 ($0.14) per share and registering turnover of LE11 million ($1.6 million).
In the telecommunications sector, Orascom Media and Technology Holding dropped by 1.3 percent to LE0.76 ($0.10), while Telecom Egypt dropped 1.05 percent to close at LE14.2 ($2.05).
The highest turnover for this session was achieved by Arabia for Investments and Development at a value of LE30.6 million ($4.4 million). Company shares rose by 6.9 percent to close at LE1.24 ($0.18) per share.
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