Arab Today, arab today egypt stocks fall 2on gloomy ganzouri speech
Last Updated : GMT 02:32:13
Arab Today, arab today
Arab Today, arab today

Egypt stocks fall 2 % on gloomy Ganzouri speech

Arab Today, arab today

Arab Today, arab today Egypt stocks fall 2 % on gloomy Ganzouri speech

Cairo - Arabstoday

Egypt's major stocks saw their second consecutive session of losses Monday as gloomy predictions about the economy and controversial statements from Islamists put the brakes on trade. The benchmark EGX30 dropped 2.06 per cent to close Monday at 3.882.17 points, deepening the previous day's slim 0.16 per cent loss. Both foreign investors and locals reined in their buying, although overall turnover exceed Sunday's meagre total to reach LE214.38 million. "Fears over the global economy are driving investors to sell -- prices are falling on the Egyptian exchange and in London too," said Mostafa Barda, a Cairo-based capital markets expert. In a televised speech on Sunday afternoon, Egypt's prime minister Kamel El-Ganzouri said the economic situation was "worse than anyone imagined" and austerity was needed to rein in the country's burgeoning budget deficit. Such statements had an obvious effect on investor confidence, claims Badra. Sentiment was further undermined by a statement by a representative of the Islamic Labour Party at a press conference this week. The party official claimed stock trades were a form of gambling and gains a kind of 'interest', a concept not allowed in Islamic banking. "One Islamist claimed Bourse profits count as a kind of interest or gambling and that the whole exchange should be closed," said Badra, explaining this also impacted trade. Foreigners were significant net-sellers, offloading LE37 million; Egyptians were net-buyers to the tune of LE32.3 million. From the day's 174 listed stocks, just 12 gained value while 159 declined. Broader indices followed the benchmark downward, with the EGX70 and EGX100 falling 2.5 and 2 per cent respectively. Every share on the EGX30 closed in the red, with losses ranging between slight and heavy. Commercial International Bank led the high-cap plunge, losing 4.4 per cent followed by investment bank EFG-Hermes which dropped 4 per cent. The highest-capped stock saw smaller losses; Orascom Construction Industries and Telecom Egypt fell 0.8 per cent apiece. OCI escaped the worst effects of the market sell-off, cushioned by a positive response to the announcement it had won a contract for a hydroelectric project worth LE600 million in Upper Egypt. Real estate stocks, which have taken a battering in the aftermath of January's revolution, saw further losses, with Palm Hills and TMG dropping 4 and 3 per cent respectively.

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 fall 2on gloomy ganzouri speech Arab Today, arab today egypt stocks fall 2on gloomy ganzouri speech

 



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 fall 2on gloomy ganzouri speech Arab Today, arab today egypt stocks fall 2on gloomy ganzouri speech

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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