Arab Today, arab today market dips monday in egypt
Last Updated : GMT 14:41:13
Arab Today, arab today
Arab Today, arab today

Market dips Monday in Egypt

Arab Today, arab today

Arab Today, arab today Market dips Monday in Egypt

Cairo - Arabstoday

EGX30 slips by 1.5 pct as market struggles to overcome ongoing uncertainty over fate of Egypt\'s looming constitutional referendum The Egyptian Stock Market ended the day in the red as President Mohamed Morsi\'s recent decisions continue to be contested by political opposition forces. Egypt’s benchmark EGX30 index fell by 1.5 per cent to 4,976 points. The broader-based EGX70 index saw a more modest decline of 0.54 per cent. A presidential decision to implement new tax increases was ratified on Sunday, then revoked shortly afterward early on Monday, adding to the general sense of incertitude currently plaguing Egypt\'s political scene. The drop also comes in line with the absence of political consensus regarding Egypt\'s draft constitution. On Friday, several opposition forces rejected the president\'s calls for dialogue as demonstrators continued to congregate outside the presidential palace in Cairo. Several opposition groups have called for a boycott of the upcoming 15 December constitutional referendum, while close to 250 diplomats have announced their refusal to participate in supervising expat polling. Ninety-eight listed stocks suffered losses on Monday, led down by heavyweight shares Orascom Construction Industries (OCI) and Commercial International Bank (CIB), which fell by 1.52 per cent and 2.7 per cent respectively. \"What’s happening this week is very similar to last week\'s scenario, when the stock market tried to overcome difficulties at the beginning but was simply unable to sustain growth due to the weak state of the economy,\" Issa Fathy, vice president of securities at the Egyptian Chamber of Commerce, told Ahram Online. \"With calls for a million-man march scheduled tomorrow against the constitutional referendum, the stock market is likely to continue its decline,\" added Fathy. Turnover continued to bleed for the third week in a row, hitting a record-low LE234 million on Monday and triggering fears of the market’s inability to attain its pre-revolution levels. \"These are turbulent times for the stock market, which is being affected by a mixture of political and economic factors,\" said Fathy. \"Political stability is most definitely a prerequisite for its recovery.\" In line with the trend since Morsi’s controversial 22 November decree, Arab and foreign investors were net buyers for the day, picking up a total of LE5 million and LE12 million in stocks respectively. Egyptian investors, meanwhile, were net sellers, offloading almost LE18 million of shares. The real estate sector performed very poorly, with market giants Talaat Mostafa Group Holding (TMGH) and Palm Hills both declining by 1.76 per cent and 1.48 per cent, 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 market dips monday in egypt Arab Today, arab today market dips monday in egypt

 



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 market dips monday in egypt Arab Today, arab today market dips monday in egypt

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
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 Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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