Egypt’s stock market abandoned its morning gains by the end of Monday’s session with stocks falling collectively, prompted by sales from Egyptian and foreign traders against purchases by Arabs.
The main index, EGX30, which gauges the performance of the 30 most active state-owned companies, dropped by 0.31 percent, closing at 6248.49 points. EGX70 sagged by 0.4 percent, standing at 519.7 points. EGX100 also plunged by 0.33 percent, making 869.7 points.
Monday’s transactions were worth LE353.4 million, and market capitalization lost nearly LE500 million, standing at LE405.9 million.
Ahmed Shehata, a stock market expert, claims that morning gains were reversed after the Muslim Brotherhood’s Freedom and Justice Party posted rumors on its website about an attempt to assassinate Defense Minister Abdel Fattah al-Sisi, which provoked investors’ fears of further chaos in at the street, prompting them to resort to intensive sales.
Edited translation from Al-Masry Al-Youm