EGX shares market value falls LE700 million

EGX shares market value falls LE700 million

On

Thu, 28/02/2013 - 17:05

Shares were down overall by the end of trading Thursday on the Egyptian Stock Exchange. The EGX30, the exchange’s main index, fell 0.4 percent and lost 26 points, recording transactions of LE313.4 million

According to the exchange, the market value of shares dropped LE700 million to hit a total of LE374.2 billion.

During the first half of the trading session, the exchange saw a significant drop in liquidity and its lowest turnover in eight months, reaching just LE85 million.

However, trading picked up later, with the turnover rising to similar values recorded in the last few weeks.

The slight drop comes amid a new wave of political instability after major opposition parties and several public figures and celebrities announced they would boycott upcoming parliamentary elections scheduled to begin 22 April.

The nation’s exchange has struggled to see prolonged gains as violent clashes between security forces and opponents of President Mohamed Morsy continue to plague the country.

Edited translation from Al-Masry Al-Youm