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Egypt's stock market dips at open, main index falls by over 3 pct
A man rests at his desk at the Egyptian stock market in Cairo, November 25, 2012. Egyptian share prices plunge, with the benchmark index losing nearly 10 percent in the first trading session since President Mohamed Mursi ignited a political crisis by expanding his powers. REUTERS/Asmaa Waguih
CAIRO Jul 6 (Aswat Masriya) - The Egyptian stock market opened with a retreat on Monday, with the main index dropping by over 2 percent in the first five minutes of trading.
After 30 minutes of trading, the benchmark index EGX 30 had dropped by 3.06 percent, while the broader EGX 70 fell by 1.58 percent.
EGX 30 had ended Sunday with a 1.16 percent decline.
The Egyptian central bank allowed the pound to weaken on Sunday to 7.73 against the dollar in a central bank auction.
On Thursday, Egypt's central bank allowed the pound to drop to 7.63, losing 10 piasters on the current price at the time, 7.53.
Foreign exchange auctions are held by the central bank every Sunday, Tuesday and Thursday. This makes the drop at Sunday's central bank auction, the second in a row.
