Arab Today, arab today egypt stocks down 2 on political confusion
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Egypt stocks down 2% on political confusion

Arab Today, arab today

Arab Today, arab today Egypt stocks down 2% on political confusion

Cairo - Arabstoday

Egypt stocks opened the trading week down on Sunday, seemingly affected by domestic political uncertainties and an apparent security vacuum in Egypt\'s Sinai Peninsula. The benchmark EGX30 index plunged 2 per cent to 5,457 points, one day after three policemen were killed and another three injured by unknown assailants in the city of Al-Arish in the restive peninsula\'s northeast. Capital markets expert Mostafa Badra told Ahram Online that, along with the Sinai incident, stocks also suffered from news that the nation\'s retailers might be legally obliged to close the doors of their shops at 10:00pm, according to proposed legislation. The broader-based EGX70 index, meanwhile, fell by 3.4 per cent for the day in a session that saw a mere LE378.3 million in daily turnover. A handful of positive developments – including statements by the finance ministry that Egypt might obtain a proposed $4.8 billion IMF loan by the end of the current year – were not enough to shore up the market on Sunday. Most blue-chip shares slumped for the day, led by Commercial International Bank and Orascom Construction Industries, which fell by 0.4 and 2.3 per cent respectively. Orascom Telecom and Ezz Steel, meanwhile, lost 4 and 7.3 per cent for the day respectively. Earlier this week, Orascom Telecom said it was considering the sale of its assets in Burundi, Zimbabwe and the Central African Republic. Investment house EFG-Hermes, for its part, declined by 2 per cent in Sunday trading, despite its anticipated expansion into Turkey, Iraq and Libya following the finalisation of its joint-venture project with Qatar\'s QInvest. Property stocks Talaat Mostafa Group, Palm Hills and SODIC also all tumbled by 3, 5.2 and 5.4 per cent respectively. Arab investors were the day\'s only net buyers at LE24.4 million, while Egyptian and foreign investors sold off some LE23.2 million and LE1.2 million in stocks respectively. From Ahramonline

arabstoday
arabstoday

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 stocks down 2 on political confusion Arab Today, arab today egypt stocks down 2 on political confusion

 



Arab Today, arab today

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 stocks down 2 on political confusion Arab Today, arab today egypt stocks down 2 on political confusion

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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