Egypt stocks take further dive wednesday

The Egyptian Bourse concluded Wednesday’s trading in the red, with the main benchmark, EGX30 slipping 0.92% to close at 3,586.55 points. Egypt main index drops 1.1 per cent recording 3.578.53 in midday trading on Wednesday despite Foreign investors are net buyer for first time since 2 weeks. Broader Indices decline also as EGX70, EGX100 down 2.4 and 2%. Out of 136 listed stocks 10 gain and 136 fall in early trading hours. Total turnover, however, rebounded to LE194 million ($32.3 million) after it had plummeted to unprecented lows over the past three days. Egypt stocks slipped further into the red on Tuesday as political uncertainty continued to dog the local market. The benchmark EGX30 index dropped 0.41 per cent to close the day’s session at 3,619.72 points. The broader EGX70 index, meanwhile, similarly fell by 0.74 per cent for the day to alight at 413 points. "The market will not pick up again before mass protests scheduled for next month pass without incident," Mohamed Metwally, a trader at Prime Securities, told Ahram Online.(QNA) MD