Egypt’s stocks plunge Wednesday amid weak turnover

Ahram Online , Wednesday 15 Jun 2016

Egyptian Stock Exchange	(AP)
Egyptian Stock Exchange (AP)

Egypt’s main index, EGX30, dipped 2.05 percent to 7,414 points as blue chips plunged amid low turnover levels.

Market bellwether Commercial International Bank (CIB) fell 3.61 percent to EGP 42.01 per share, contributing EGP 97 million to the daily stock turnover of EGP 357 million.

One of Egypt’s leading investment banks, EFG Hermes, dropped 1.79 percent to EGP 11.4 per share, and Orascom Telecom for Media and Technology fell 1.61 percent to EGP 0.6 a share.

Egyptian for Tourism Resorts plunged 5 percent to EGP 0.77 a share.

Car assembler GB Auto, cable manufacturer ElSewedy Electric and Edita Food Industries were the only gainers in the main index, where GB Auto increased 3.24 percent to EGP 2.6 and ElSewedy rose 0.56 percent to EGP 42.75 a share.

Edita Food Industries surged 6.69 percent to EGP 16.37 per share.

Non-Arab foreign investors were net sellers to the tune of EGP 29 million.

*The current official exchange rate for $1 = EGP8.87

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