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Egypt's market hits 20-month low, loses $2 bn

The EGX market capital lost LE15.46 billion (US$2 billion) on Sunday, hitting LE428.61 billion, compared to LE444.07 billion on Thursday.
24.08.15 | Source: Egypt Independent

Egypt's market extended its heavy losses on Sunday's session, as the benchmark EGX30 index fell 5.42 percent, to its lowest level in 20 months, as stocks were sold across the board.

Meanwhile, the small and mid-cap EGX70 index and the broader EGX100 index declined 6 percent and 4.31 percent, respectively.

The Egyptian Exchange halted trading over 85 bonds for half an hour after it exceeded the permissible one-session decline limit of 10 percent, state agency MENA reported.

EGX chief Mohamed Omran told MENA that no exceptions are to be made in stock market transactions, arguing that stock market crises are affecting markets worldwide.

The turmoil in global equity markets has also hit investor confidence in Cairo, Reuters said in report.

Local and Arab institutions were net sellers, recording net flows of LE5.6 million and LE1.5 million, respectively, while foreign institutions were net buyers, recording net flows of LE21.5 million.