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Market Report: Egypt's bourse bleeds on Cairo violence Ongoing military clampdown that has left at least 10 dead and hundreds injured since Friday weigh on stocks
Egypt's main EGX30 index tumbled 3.4 per cent on Sunday due to ongoing clashes in Cairo which have left ten dead and hundreds injured since Friday. The index finished on 3.782.74 points. "Instability and the large number of dead people must hit the market," Ashraf Abdel-Aziz, head of institutional sales at Arabeya, told Ahram Online. Khaled El-Khatib, head of the Central Administration for Emergency Response at the Ministry of Health, stated 354 were injured on Friday and a further 140 on Saturday. The broader EGX70 and EGX100 indexes plunged 4.4 and 4 per cent respectively. "It's normal because individuals are more impacted than institutions by the events," Abdel-Aziz added. From 176 listed stocks only two gained and 168 fell in a session that saw low turnover of LE154.6mn. "We have a gas pipeline explosion too," commented Abdel-Aziz. Egypt's gas pipeline, which supplies gas to Israel, was blown up for the tenth time this year.Saboteurs attacked the pipeline near the El-Sabeel Station in El-Arish at dawn on Sunday. The market's capital shrunk by LE8.4mn to LE303.2mn compared with LE311.6mn in Thursday's session. Foreign investors were net sellers of LE20.3mn while Egyptians were net buyers of LE18mn. "Tomorrow we may see larger sales from the foreign sector as most investors are on their weekend today," said Abdel-Aziz. Commercial International Bank headed the fall of blue-chips stocks, losing 5 per cent, followed by Orascom Construction Industries which fell 3.7 per cent. EFG-Hermes declined 3.1 per cent. Telecom Egypt and TMG declined 3.6 and 4.6 per cent respectively, less than Ezz Steel which fell 7 per cent. Egyptian International Tourism Projects and Egypt Gas finished up 5 and 0.3 per cent respectively.
