Profit-earning costs stock market LE6.1 billion in losses

Stock indices fell collectively by the end of Monday’s trading session due to profit-earning operations by Egyptian investors against purchases of Arab and foreign investors.
Experts said investors are collecting profits the capital market has been making since the 30 June uprising against Islamist President Mohamed Morsy.
The main EGX30 index fell by 2.01 percent to close at 6,070.35 points, the index small and medium stocks EGX70 index fell by 1.92 percent to 507.42 points, and the broader EGX100 index fell by 1.84 percent to 852.56 points.
Total trading was LE461.4 million, while the market capital lost LE6.1 billion to end the session at LE394.9 billion.
Broker Hany Helmy said the market has gained 1,000 points since the beginning of September. “Stocks should relatively decline in order to correct the course of trading,” he said.
“Positive steps taken by the government and purchases of Arab and foreign investors would push up shares on Wednesday,” he predicted.
Edited translation from Al-Masry Al-Youm

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