Stock indices fell collectively at the end of Monday’s trading session influenced by sales of Egyptian investors against purchases of Arab and foreign investors.
Traders ruled out that the decline in the stock market was due to the government’s decision to freeze Muslim Brotherhood funds, attributing it to profit-taking operations that began on Sunday.
The main EGX30 index fell by 1.53 percent to 8,522.16, the small and medium stocks EGX70 index fell by 1.34 percent to 599.52 points, and the broader EGX100 index fell by 1.2 percent to close at 1,054.79 points.
Total trading stood at LE909.9 million and the market capital lost LE5.5 billion to close at LE487.4 billion.
“Brotherhood funds spent on terrorist operations will not deter foreign investors,” said financial expert Motassem al-Shahidy. “The move will consolidate political stability.”
With regard to investigations with board members of Beltone Holding who allegedly bought shares in EFG Hermes before announcing the acquisition of 2 percent of the company, Financial Supervisory Authority Chairman Sherif Sami said the authority does not talk about investigating complaints before it is sure of their credibility.
Stock market rules prohibit dealings based on inside information not available to the public.
Stock Exchange Chairman Mohamed Omran said suspicious transactions are sent to the Financial Supervisory Authority, declining to confirm the investigations.
Edited translation from Al-Masry Al-Youm
