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Egypt's stock market plunges to lowest point in year and a half

The Egyptian stock market dropped on Tuesday, making the third retreat in a row, with the benchmark index EGX 30 dropping by 2.58 percent.
19.08.15 | Source: All Africa

EGX 30 ended on 7,398 points, the lowest point in a year and a half. The middle and small enterprises index EGX 70 and the broader EGX 100 also fell by 2.44 and 1.73 percent, respectively.

Tuesday's dive came amid heavy selling by foreign traders, especially Arabs whose activities in Egypt's market have been affected by the retreats in Gulf markets.

Ahmed Zakaria, the director of customer accounts at Okaz Securities Brokerage, said a large portion of investors in the Egyptian market are Arabs and they have been affected by the Saudi market's retreat, in specific.

The Saudi exchange's main index fell by 2.85 percent on Tuesday, amid a bleak outlook as oil prices continue to decline.

West Texas Intermediate crude oil is currently selling at 41.95, its lowest price in six years.