Stock indices tumbled and the market capital lost LE15.2 billion in the week the new cabinet was sworn in.
The main EGX30 index lost 4.6 percent, the small and medium stocks EGX70 index lost 3.1 percent and the broader EGX100 index also lost 3.1 percent for the market capital to close at LE480.06 billion.
Meanwhile, the Financial Supervisory Authority agreed to publish two offers to buy shares of the Cairo Specialized Hospital and the Cairo Investment & Real Estate Development Company.
Authority Chairman Sherif Samy said the first offer is from Creed Healthcare that is indirectly owned by Emirates Abraj to buy 2.7 million shares or 100 percent of Cairo Specialized Hospital, and the second is by Huxley Holdings Limited, also indirectly owned by Emirates Abraj to buy 30.46 percent of Cairo Investment & Real Estate Development
This comes less than 24 hours from the announcement by the authority that it does not object to the offer to buy 20 percent of EFG-Hermes by businessman Naguib Sawiris and Beltone.
Samy expected more acquisitions in light of the security and political stability in the country.
Edited translation from Al-Masry Al-Youm
