Arab Today, arab today egypt\s bourse falls by 477 per cent
Last Updated : GMT 16:10:29
Arab Today, arab today
Arab Today, arab today

Amid fears that it might be shut

Egypt\'s bourse falls by 4.77 per cent

Arab Today, arab today

Arab Today, arab today Egypt\'s bourse falls by 4.77 per cent

Egypt's bourse
Cairo - Arabstoday

Egypt's bourse "It is possible the market could be shut again," was the first comment of Taymour El-Derini from Naeem Holding. Ahram Online asked him about his expectations for Egypt's stock market, recalling what happened in January of this year when trading was suspended for more than a month.
The benchmark EGX30 fell 4.77 per cent on Tuesday to alight at 3,732.81 points, on the back of police violence and mass demonstrations in Tahrir Square and other cities across Egypt.
Put together with Monday's losses, the Bourse tumbled around 9 per cent in two days.
Trading was suspended for one hour but this didn't put the brakes on the market’s decline. "
Trading today was supposed to be halted for 30 minutes; it was actually stopped for an hour," said El-Derini.
However, El-Derini expects further decline.
"We are far from the bottom - the market has another 16 to 20 per cent to lose," he believes.
All sectors were in the red; apart from five which remained unchanged -- no sector displayed a positive trend.
Of 181 listed stocks today, 173 lost, four gained and four remained unchanged.
Talaat Moustafa Group (TMG) is the only share of EGX30 that gained, up 0.63 per cent after an Egyptian court ruled on Tuesday that its land contract for its Madinaty construction project is valid, signalling an end to a long-running legal battle over the US$3 billion scheme.
Orascom Construction Industries (OCI), the highest market cap, lost 4.43 per cent.
"OCI is holding up the market -- it's a great company that has just reported great results. But if OCI starts going down seriously then the market will plunge," warned El-Derini.
Other blue chips like Telecom Egypt, Orascom Telecom and Commercial International Bank (Egypt) lost 3.47, 5.42 and 5.06 per cent respectively. As on Monday, low-cap stocks took the biggest hit with several losing more than 9 per cent.
Egyptians and Arabs were net buyers while foreigners were net sellers.  
Individuals, mainly Egyptians, were net buyers while institutions were net sellers.
"A lot of fund managers have to sell because of what's happening politically. Every fund has its own set of rules regarding when it has to sell," explained El-Derini.
The EGX70 lost 6.43 per cent and the EGX100 lost 5.54 per cent.
 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt\s bourse falls by 477 per cent Arab Today, arab today egypt\s bourse falls by 477 per cent

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday