Market Update: Egypt's stocks turn red midday on Cairo explosion echo

Ahram Online, Thursday 26 Dec 2013

An explosion in Egypt's capital appears to drive stocks down in midday trading

Nasr City
An Egyptian inspector takes notes after an explosion hit a public bus, in Cairo's eastern Nasr City district, Egypt, Thursday, Dec. 26, 2013. (Photo: AP)

Egypt's stocks started to turn down mid-Thursday following an bomb explosion in east Cairo earlier in the day which left five injured.

The market's benchmark EGX30 hit a new high record in three years at the opening of the trading session, marking 6,876 points, but the explosion led the index to slip steeply to register 6,847 points (down 0.39 percent).

"I can't say that the explosion has negatively affected investors' sentiment as the session's trading volume is already weak and the profit-taking wave remains," said Eissa Fathy, vice head of the securities division at the Cairo Chamber of Commerce.

The broader EGX70 index remains in the green, up slightly by 0.07 percent.

About 75 stocks are recording losses out of around 145 stocks currently traded.

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