Dealings in the stock market were volatile in the first trading session of the week, with Arab and foreign investors selling against purchases of Egyptians investors, and amid fears that stocks may fall as had happened when Field Marshal Abdel Fattah al-Sisi resigned.
The main EGX30 index rose by 0.4 percent to 8762.8 points, the small and medium stocks EGX70 index fell by 1.28 percent to 615.6 points and the broader EGX100 index dropped by 0.88 percent to 1080 points.
Total trading reached LE866.2 million in 30,200 transactions and the capital market lost LE2.2 billion to drop to LE495.6 billion at the end of the session.
Traders expected the market to continue to be volatile until the results of the presidential elections and in anticipation of violence or rioting by the
Muslim Brotherhood.
Financial expert Mohamed Shaarawi expected the market to drop in case Sisi wins the presidential elections due to profit earning operations. “But it will pick up again with security, political stability and Arab and foreign investments,” he said.
Edited translation from Al-Masry Al-Youm
