Egypt Independent

Stock index down by 4.6% over political turmoil

The stock market took a steep drop Wednesday amid ongoing protests over the president's constitutional declaration.

The main EGX30 index, which reflects the performance of 30 major companies fell by 4.6 percent, down by 232 points to 4,815.

The value of traded shares was LE431.311 million, more than 100 percent percent higher than the value of trades on Tuesday.

The stock market suspended trading over 77 shares for 30 minutes after recording a drop of more than 5 percent.

Foreign and Egyptian investors turned to selling after a number of sessions, while Arab traders maintained their purchasing trend

The EGX30 had closed trading on Tuesday with a slight rise, moving up 0.02%, gaining only one point, to reach 5,048 points.

Edited translation from MENA