The Egyptian stock market declined on Monday, with its main index, EGX30, dropping by 0.48 percent to register 5275 points. More than 93 million stocks were traded with a total trading value of LE395.1 million.
Egyptians and Arabs tended to purchase stocks while foreigners tended to sell. Market capital totaled LE361.5 billion, slipping from LE363.9 on Sunday.
The stock market made heavy losses in the first quarter of 2013, triggered by political turmoil, particularly the violent incidents that erupted on the anniversary of the revolution, which were followed by violence in Port Said with the issuing of the verdicts in the Port Said football massacre case.
These and consequent economic developments led to further downgrading of Egypt’s credit ranking and have stalled Egypt’s loan negotiations with the IMF.
Edited translation from Al-Masry Al-Youm
