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Egypt stocks slip on Libya attacks

‘Any kind of instability, like we have seen with the events of Libya, negatively impacts the market’, says market analyst

Ahram Online , Monday 16 Feb 2015
EGX
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt’s market made losses on Monday following air strikes by the Egyptian army against Islamic State militants in Libya in response to the beheading of 21 Egyptian Coptic Christians.

The benchmark EGX30 index slipped more than two percent, registering 9,585 points with average turnover level of around half a billion Egyptian pounds.

“Any kind of instability, like we have seen with the events of Libya, negatively impacts the market,” Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.

But if the security problems continue, the market could decline further with higher turnover than usual, added Radwan.

Non-Arab foreign investors were net sellers to the tune of LE45 million, while Egyptian and Arab investors were net buyers.

With the exception of Eastern Tobacco, all the EGX30 stocks fell on Monday session.

Eastern Tobacco gained 1.77 percent to LE230.01 per share.

Market bellwether Commercial International Bank (CIB) dropped 1.54 percent to LE54.19 per share.

The broader EGX70 index fell 2.38 percent.

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