Egypt's main index falls amid modest turnover

Ahram Online , Sunday 19 Apr 2015

Benchmark EGX30 index declines by 1.37 percent to 8,765 points and daily stock turnover records LE385.5 million

 Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: AP)

Egypt's stocks tumbled on Sunday amid low turnover as global market witnessed losses, an analyst said.

The benchmark EGX30 index declined by 1.37 percent to 8,765 points and daily stock turnover recorded LE385.5 million.

"The selling that took place in US and EU equities had a negative impact on the regional market today," head of equities at Pharos Holding Mohamed Radwan told Ahram Online.

In Dubai and Qatar the main indexes fell 1.43 percent and 0.73 percent respectively.

The Saudi market, which gained 3.99 percent, was spared the losses, said Radwan, due to a recent announcement that will allow foreigners for the first time to trade in the Saudi exchange starting mid-June.

In the Egypt's market, locals were net buyers at LE16 million, while Arabs were net sellers at LE12.7 million.

Market bellwether Commercial International Bank (CIB) was the biggest decliner in today's session, losing 2.67 percent to trade at LE53.45 a share.


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