An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)
Egyptian stocks ended the first day of the trading week down, with the main EGX30 index shedding 0.84 percent to alight at 5,579 points.
The market was negatively affected by an ongoing anti-government 'civil disobedience' campaign in Port Said, along with calls for similar campaigns in the nearby cities of Egypt's Suez Canal and in some Nile Delta governorates.
Earlier on Sunday, employees of Egyptian financial watchdog EFSA's investors protection fund declared a strike, accusing the fund’s board of directors of corruption. Expectedly, the strike negatively impacted the market's performance.
“The board of directors is holding useless meetings and creating committees to get remuneration without any decision coming out of these meetings that benefit the market, investors or even employees,” workers stated.
The press release highlighted that each member of the board received LE125,000 last year for attending the meetings, in addition to other monies.
Local and Arab investors were net sellers Sunday, recording flows of almost LE21 billion. Foreign investors ended the day as net buyers.
All EGX30 shares ended the day in the red. Heavyweight Orascom Construction Industries (OCI) lost 0.76 percent. Other blue chips Orascom Telecom Holding (OT) and Telecom Egypt lost 1.61 and 0.6 percent respectively.
The real estate sector saw heavy loses with Six of October Development & Investment (SODIC) ending the day down 2.30 percent while Talaat Mustafa Group Holding lost almost one percent.
Of 177 stocks traded, 124 lost value while 28 gained. The broader EGX70 index, meanwhile, lost 0.5 percent for the day.
The session saw daily turnover of some LE233.4 million.
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