Business

Stock market loses LE2.7 bn

Heavy sales by foreign investors amidst purchases by Egyptian and Arab investors pushed the main EGX30 index down on Sunday by 0.57 percent to 8,247.47 points.
 
The small and medium shares EGX70 index went up by 0.15 percent to 611.2 points and the broader EGX100 index rose by 0.02 percent to 1,067.3 points.
 
Total trading stood at LE634.2 million in 26,100 transactions and the market lost LE2.7 billion to close at LE479.7 billion.
 
Mohamed al-Husseini, a capital market expert, predicted further decline this week, down to the 8,000 point level but said the market would rise again up to 10,000 points by the year's end.
 
Financial expert Ahmed Shehata, however, expected the market to hit 8,300 or 8,500 points this week.
 
Edited translation from Al-Masry Al-Youm
 

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