Stock market loses LE800 million

Stock indices went down on Friday, affected by sales of foreign investors and purchases of Arab and Egyptian investors.
The main EGX30 index fell by 0.32 percent to close at 6,436.1 points, the small and medium EGX70 index fell by 0.22 percent to 534.9 points, and the broader EGX100 index fell by 0.28 to 893.7 points.
Total trading fell significantly to LE309.8 million and the market capital lost LE800 million to close at LE414.1 billion.
Traders noted that foreign investors sold to bring indices down so as to buy later at low prices. “They anticipate prices will fall if the Brotherhood stage protests on the occasion of 100 days since the dispersing of their sit-ins,” said Mohamed al-Husseiny, a capital market analyst.
He ruled out that indices fell due to the deportation of the Turkish ambassador. “The link with the Istanbul Stock Exchange has been frozen since the 30 June revolution,” he said.
“The Central Bank raising transfers abroad from LE100,000 to LE200,000 will encourage investors,” he added.
For his part, analyst Hani Helmy anticipated a rise in stocks.
Edited translation from Al-Masr Al-Youm

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