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Egypt's stock market loses EGP 33 billion in three days

April 12, 2014 at 2:02 pm

Egyptian stocks continued sharp decline Monday in the second week following coup chief Abdel-Fattah Al-Sisi’s presidency bid announcement.


On Monday, the market capital lost approximately EGP 12 billion, with the total losses in three days amounting to EGP 33 billion.

On Sunday, the stock market suffered EGP 6 billion losses, preceded by EGP 15 billion losses on Thursday. The total value of market capital dropped sharply on Monday, recording EGP 469.5 billion at the end of the day’s trading.

The main index fell Monday by 3.55 percent, recording 7805 points, while the small and medium sized companies index dropped by 3.64 percent, reaching 595.3 points. Meanwhile, the broader index fell by 3.33 percent to 1041.26 points.

Banking expert Dr Hisham Ibrahim said Monday in statements to Masr Al-Arabeya channel that the drop in stock exchange indices is primarily due to the state of anxiety experienced by investors after the resignation of Al-Sisi from the Ministry of Defence and his candidacy for presidency.

Ibrahim pointed out that the situation has become dramatically unclear, especially with the escalation of student unrest, and the government’s inability to contain the youth.