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Egypt stocks hit 7-month low on political instability fears

EGX30 slumps 2.8 percent in run-up to planned 30 June protests against President Morsi, which investors fear could ignite fresh round of political turbulence

Ahram Online , Sunday 9 Jun 2013
Egypt
(Photo: Reuters)
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Egypt stocks on Sunday fell to their lowest levels since December of last year as investors remain fearful about the potential for renewed political instability in advance of planned 30 June protests against President Mohamed Morsi.

On the week's first trading day, the main EGX30 index slumped 2.8 percent to alight at 4,915 points amid a host of domestic problems including intermittent electricity outages and ongoing fuel shortfalls.

Domestic investors ended Sunday's trading as net sellers (LE72.5 million), while foreigner investors ended the day as net buyers (LE18.7 million).

Most market bellwethers ended the day in the red, led by Commercial International Bank (down 5 percent) and Orascom Telecom (down 2 percent).

Commercial International Bank, Egypt's largest listed bank, registered losses despite an announcement that the company's paid-in capital would rise to LE9 billion from LE6 billion.

Orascom Construction Industries, meanwhile, declined 0.7 percent for the day.

Property shares all lost value on Sunday, led by SODIC (down 7.5 percent), Palm Hills (down 3.6 percent) and Talaat Mostafa Group (down 0.2 percent).

The broader EGX70 index, meanwhile, fell 4 percent in a session that saw a total of LE284.7 million in turnover.

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