Egypt's stocks decline by 1.89 pct following end of Eid Al-Adha break

Ahram Online , Thursday 15 Sep 2016

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

Egypt’s stocks declined on Thursday on the second day of thin trading following the end of Eid Al-Adha holidays, Al-Ahram Arabic news website reported.

The benchmark index EGX30 declined 1.89 percent to register 7,979.25 points.

The broader index EGX70 also dipped 1.14 percent to register 1350.93 points.

According to Reuters, the drop in the stock market came amid a wave of selling by foreign investors.

Shares with the largest market cap, Commercial International Bank (CIB) and Global Telecom Holding (GTH), went down 2.4 percent and 2.2 percent respectively.

The leading real estate developer Talaat Moustafa Group (TMG) fell 5.35 percent.

On Wednesday, Reuters reported the stock market falling yesterday due to the absence of many investors for Eid al-Adha holidays, while bourses in the Gulf stayed closed.

The Egyptian index dropped 0.7 percent in its lowest daily trading volume this year, as the market reopened on Wednesday after being shut for three days. 


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