Egypt stocks fall 1.4 pct on Giza railway disaster

Ahram Online, Tuesday 15 Jan 2013

Monday night's rail disaster in Giza sends Egypt's EGX30 down 1.4 pct, EGX70 down 2.5 pct in Tuesday trading

Egypt stocks fall 1.4 on ruins of Giza
A man inspects the wreckage of a military train crash in the Giza neighbourhood of Badrashin, about 40 km (25 miles) west of Cairo January 15, 2013 (Photo: Reuters)

Egyptian stocks on Tuesday were adversely impacted by Monday night's rail disaster in which 19 passengers were killed and more than 120 injured.

The main EGX30 index fell 1.4 per cent to 5,657 points in a trading session that saw LE406.8 million in total turnover.

Local investors were considerably affected by news of the rail accident, ending the day as net sellers at some LE33.1 million. Foreign investors, for their part, continued as net purchasers to the tune of LE22.7 million.

The broader EGX70 index, meanwhile, tumbled by 2.5 per cent.

All blue-chip shares suffered losses on Tuesday, with the sole exception of Oriental Weavers, which rose by 0.8 per cent.

Commercial International Bank and Orascom Construction Industries both dropped by 0.6 per cent per each.

Property shares fared no better, with the Talaat Mostafa Group falling by 4.6 per cent and Palm Hills and SODIC declining by 3.8 and 3 per cent.

Prominent stocks Orascom Telecom and Ezz Steel also slumped by 2 and 3.4 per cent respectively.

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