Egyptian stocks saw a collective drop amid a similar downturn in global markets fueled by fears that the fall out of the Greek financial crisis might spread through the rest of Europe.
Egypt’s main index, the EGX30, fell by 4.03 percent, ending yesterday at 6489 points, down 272. The price index dropped by 5.2 percent as the closing prices of 167 bonds were down. Five other bonds saw price increases.
The downturn in international markets prompted Arab and foreign investors to resort to intensive sales, while Egyptian purchases failed to curb losses.
Egyptian stocks lost an aggregate LE22 billion over the past week. The overall size of yesterday’s transactions stood at LE1 billion.
Market expert Maher Gamea said that the Egyptian market is suffering due to global economic turmoil, particularly in in the US and Europe.
Translated from the Arabic Edition.