Egypt's stocks plunge on Sunday amid weak turnover

Ahram Online , Sunday 19 Jun 2016

Egyptian stock exchange in Cairo
A trader works at the Egyptian stock exchange in Cairo, November 19, 2014 (Reuters)

Egypt's benchmark index EGX30 dipped 1.11 percent to 7,337 points and daily stock turnover registered a low of EGP 266 million.

Representing 85 percent of all trade, Egyptians were net sellers to the tune of EGP 17.5 million.

Market bellwether Commercial International Bank (CIB) fell 0.45 percent to EGP 41.6 a share.

Ezz steel was the only gainer in the main index, rising 1.7 percent to EGP 8.04 per share.

Telecom Egypt registered the second-highest trade operations in the main index after Ezz Steel and lost 1.15 percent of its share price, which recorded at EGP 8.31.

The state-run landline monopoly received on Sunday approval from the sector regulator to apply for the 4G licence, opening the path for the company to enter the mobile services market, TE said in a press release to the bourse.

Orascom Telecom for Media and Technology Holding dropped 1.67 percent to EGP 0.59 per share and EFG Hermes fell 2.1 percent to EGP 10.9 a share.

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