Stock market suffers heavy losses in November

Stock market suffers heavy losses in November

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Thu, 29/11/2012 - 20:50

The Egyptian stock exchange suffered heavy losses during the month of November, with its Thursday session hit particularly hard by the return of political tension.

Indexes fell as clashes broke out between security forces and demonstrators on Mohamed Mahmoud Street near the Interior Ministry. Mass demonstrations were also staged against President Mohamed Morsy’s constitutional declaration issued 22 November that granted him unprecedented powers, including the immunity of all his decisions from judicial authority.

According to the economic bulletin of the state-run Middle East News Agency, the capital market lost LE3.54 billion today, closing at LE339.5 billion.

The EGX30 index went down 888.26 points, or 15.5 percent as compared to last month.

Reuters reported Thursday that the Egyptian capital market lost LE37 billion (US$6.1) this week due to the demonstrations and clashes.

Edited translation from MENA