Stock market loses LE4.6 billion on Tuesday

Stock market loses LE4.6 billion on Tuesday

On

Tue, 29/01/2013 - 15:18

The Egyptian Exchange dropped sharply on Tuesday as a result of Egypt's continuing civil unrest.

EGX30 dropped by 2.05 precent, reaching 5492 points, while EGX70 decreased by 1.85 percent, reaching 448 points, and the EGX100 dropped by 1.70 percent, hitting 768 points.

Egyptians bought shares for an estimated LE39.5 million, while foreigners sold LE 40.9 million worth of shares.

Meanwhile, the capital market reached LE370.3 billion, compared to LE374.9 billion on Monday, marking a decrease of LE4.6 billion.

The stock market is expected to continue declining Tuesday as civil unrest continues in Port Said, Suez and Ismailia and after the opposition National Salvation Front rejected an offer by President Mohamed Morsy to take part in a national dialogue aimed at ending the country's increasingly bitter political divisions.

Edited translation from Al-Masry Al-Youm