Heavy declines in Egypt bourse
Egyptian stock market suffered sharp losses on Wednesday morning after the "Day of Anger". By 13:10 the main index (EGX30) fell by 5.06 percent, its biggest decline since May 2010. It reached 6,382.91 points, while the secondary index (EGX70) lost 8.26 percent.
The Egyptian stock market was closed Tuesday to mark the "Day of Police."
The Egyptian stock exchange suspended during the session the trading of 10 shares for half an hour after falling more than 10 percent. Among these stocks were Nasr for Agricultural Crops, which fell by 15.6 percent to 23.50 pounds per share and Ezz Steel which lost 15.4 percent to 677 pounds per share.
It is reported that a number of investors in the Egyptian stock exchange early Wednesday left their brokerage firms after severe declines in the market.
However, some leading stocks trimmed losses during the session. For instance, the share of Orascom Telecom fell to 4.08 pounds, down 2.9 percent., while the share of the Commercial International Bank lost 2.5 percent to reach the price of 40.44 pounds.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?