Stock market plummets to maximum decline

The Egyptian Stock Market continued its downturn during the Sunday session with the main EGX30 index recording a 9.5 percent drop, losing 517 points. Market capitalization recorded losses of more than LE24 billion.

The market suspended trading for half an hour after the main index exceeded the maximum rate of decline allowed under exchange rules.

Stock traders attributed the massive decline, which occurred in the first 10 minutes the exchange was open, to unrest after President Mohamed Morsy dismissed the prosecutor general and issued a constitutional declaration on Thursday stipulating that his decisions are immune from judicial challenges. Protests and clashes around Tahrir Square in downtown Cairo are ongoing.

Many individual stocks were down by the maximum 10 percent allowed under exchange rules, including Orascom Construction Industries, Commercial International Bank, Orascom Telecom and Media Technology and EFG-Hermes, Reuters reported.

The trading volume in the session is LE16.9 million.

Edited translation from Al-Masry Al-Youm

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