The Egyptian Exchange bell is seen at the stock exchange in Cairo, in this April 1, 2013 (Reuters)
Egyptian stocks plunged on Monday as part of an overall downward trend in the market, which, according to an analyst, was affected by the lack of clarity in economic policy.
Benchmark index EGX30 declined 1.87 percent to 6,356 points with a daily stock turnover at around LE360 million.
Analyst Ihab Saied, the head of research at Osool for Securities and Brokerage, told Ahram Online that investors were awaiting for clearer policies by the Central Bank in coordination with the government after hiring the acclaimed former CBE governor Farouk El-Okdah in the coordinating council to solve Egypt's foreign exchange crisis.
No clear policies have been declared since Tarek Amer, the new CBE governor, assumed his duties on Sunday.
Non-Arab foreign investors, who were net sellers to the tune of LE3.5 million, have been mostly selling in the past period.
Market bellwether Commercial International Bank (CIB) dipped 2.43 percent to LE43.5 per share.
State-run Telecom Egypt was the only gainer in the main index, edging up 0.16 percent to LE6.18 per share.
Broader index EGX70 fell 1.47 percent to record 344 points, its lowest level since launch, said Saied.
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