Egypt's main stock index declines by 1.4 pct

Monday 01-02-2016 04:20 PM

CAIRO, Feb 1 (Aswat Masriya) – Egypt's main stock index EGX 30 declined by 1.4 per cent to reach 5,908 points on Monday.

The index for small and medium enterprises EGX 70 slightly declined by 1.1 per cent while the broader EGX 100 rose by 1.24 per cent.

Mohamed al-Naggar, the head of technical analysis in al-Marwa for brokerage and stock exchange told Aswat Masriya that the market was affected by more than one variable including a decision issued on Sunday to increase customs duties on some imported goods.

Naggar said that the decision reflected on companies with import activities listed in Egypt's bourse.

President Abdel Fattah al-Sisi approved Sunday a decision to increase customs on about 500 of imported goods.

The decrease in oil prices globally and the subsequent drop in global stock markets is another reason for the decline in Egypt's stock market, Naggar added.

Global oil prices fell today due to fear of a possible coordinated decrease in production by leading crude oil exporters, with Brent crude oil price reaching $35.5 per barrel, according to Reuters, which is higher than the record-low prices reached in early 2016.

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