The Egyptian stock exchange slumped for the second day in a row. The main index EGX30 plunged by 4.15%, losing 243 points and closing at 5,620 points, the lowest level in a month. Meanwhile, the price index EGX70 fell by 4.3% and transactions ended in negative territory due to the collective decline of prices. Only 10 companies were spared, while the prices of 156 securities went down. Yesterday, Arab investors continued to sell intensively, while their Egyptian and foreign colleagues tended to buy. Yet, this failed to push the index up although the institutions took about 40% of the total transactions.
Yesterday's transactions at the Stock Exchange were affected by a report issued by a major financial institution expecting the market to fall to 4,800 points in the third quarter of this year. A senior analyst at the company ascribed the drop to the intense wave of sales during the last two bourse sessions, seen as the beginning of a new profit-making phase. He also said the index failed to go beyond 6,600 points.
