CAIRO: A mid-trading stock market session today witnessed a collective decline of 1.1 billion Egyptian pounds in all four Egyptian stock market indices. The Egyptian stock market continues to submit to negative pressure as a result of the unrelenting selling of stocks by Arab and foreign investors here in Egypt, with devastating consequences. “The market has yet to recover from the trauma caused by the recent bloodshed in downtown Cairo,” said Ashraf Abdel Aziz, head of institutional sales at Arabeya Online Securities. Today's decline resulted in a downtrend of 0.43 percent, affecting the primary market index “EGX30,” which measures the performance of the top 30 components. There have also been downtrends of 0.72 percent affecting “EGX20” and 1.11 percent depreciating “EGX70.” Investors and stock market experts had been hoping to see a sustained rise in the values of the indices, especially following last week's uptrend, but the Egyptian market has run out of steam and has been on the decline since this week's first trading session. Although Egyptian stocks are still experiencing a general downward trend, decline rates have eased during military rule. “Security problems have the sharpest effect on the market, and any market recovery will come within this context,” said Abdel Aziz. “Political and economic solutions, on the other hand, have a more long term effect.” BM ShortURL: http://goo.gl/ir9aM Section: Business, Egypt, Latest News
