Egypt's stock exchange has been hit hard by the instability created by the dramatic fall in oil prices in the past year and a half, with the global market being flooded with supply.
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Egypt's stock market drops in early trade
Thursday 11-02-2016 11:19 AM
CAIRO, Feb. 11 (Aswat Masriya) - Egypt's main index EGX 30 fell by 0.9 per cent 15 minutes intro trade on Thursday morning.
The index for small and medium shares EGX 70 also dropped by 0.05 per cent, and the broader EGX 100 index declined by 0.1 per cent.
Egyptian exchanges consisted of sales, while Arab and foreign exchanges consisted of purchases.
EGX 30 increased by 0.97 per cent by the end of exchanges on Wednesday afternoon, with the support of Egyptian and foreign purchases. This allowed for the compensation of Tuesday's losses.
The Egyptian stock market plunged across all indices on Tuesday with the benchmark index EGX 30 bearing the largest retreat, affected by both domestic and regional factors.
Mohamed Naggar, the head of technical analysis in Marwa for brokerage and stock exchange, told Aswat Masriya the market was brought down in part by the news of the National Bank of Egypt's withdrawal from the acquisition deal of investment bank CI Capital.
The National Bank of Egypt is the country's biggest state-owned bank, while CI Capital is owned by the private sector bank CIB, which describes CI Capital as its "investment bank arm."
