CAIRO: Egypt’s benchmark index fell 2.25 percent on Monday, ending the session with a loss of LE 5.07 billion ($850.17 million), reacting to violence the day before.<\/p>\n
Deadly clashes between army forces and protesters resulted in the death of 25 and more than 300 injuries on Sunday night when a march to Maspero, demanding Coptic rights and condemning an earlier attack against a church in Aswan, was itself met with violence.<\/p>\n
The EGX 30 closed at 3,938.02 points while the broader EGX 70 fell 1.69 percent and the EGX 100 dropped 1.85 percent.<\/p>\n
Bourse chairman Mohamed Omran said in a statement that he “understands the concerns of all investors and traders in the stock market regarding the security and political situation [in Egypt],” which weighed on the performance of the market on Monday.<\/p>\n
He added that stability in the political arena will be “swiftly reflected in the performance of Egypt’s capital market.”<\/p>\n
The day’s trading session started off with a 5 percent decline, shedding LE 10.2 billion ($1.7 billion) of total market capitalization, which reached LE 302.6 billion ($50 billion), according to an official at the stock exchange.<\/p>\n
It later recouped some of the losses, ending with a market cap of LE 308 million.<\/p>\n
Omran urged investors to look at the fundamentals of listed companies, more than 81 percent of which saw growth in the first half of 2011, he said in the statement.<\/p>\n
He added that based on recent discussions, global financial institutions are keen on investing in Egypt and are awaiting political stability before “pumping money and new investments into the market.”<\/p>\n
Sectors that lost the most included the travel and leisure industry, telecommunications, real estate, banks and construction materials.<\/p>\n
Ezz Steel dropped from LE 5.74 to LE 5.52, while Cairo-based Citadel Capital fell from LE 3.11 to LE 3.01.<\/p>\n
Nile Pharmaceuticals lost 5.74 percent, closing LE 32.00.<\/p>\n
Industries that did not see declines included the retail sectors, oil and gas, technology, media and utilities.<\/p>\n
Egyptian International Tourism Projects (EITP) was among the companies that fared well, gaining 4.97 percent.<\/p>\n
Most active gainers included Arab Aluminum, which closed at LE 40.95 rising, 4.97 percent. Development and Engineering Consultants, among the real estate sector, rose by 3.48 percent, reaching a value of LE 11.29.<\/p>\n
Suez Canal and inflation <\/b><\/p>\n
Meanwhile, Suez Canal revenues for September saw an increase of 6.9 percent over the previous year to reach LE 438.3 million, but a 7.3 percent decline from last month, according to Reuters.<\/p>\n
The waterway, along with oil and gas exports, tourism, and remittances from Egyptians living abroad, is a vital source of foreign currency in Egypt.<\/p>\n
Foreign currency reserves have been constantly decreasing, currently reaching about LE 24 billion, according to economists.<\/p>\n
Urban consumer inflation came in at 8.2 percent in the 12 months to September compared to 8.5 percent in August, Reuters reported citing CAPMAS.<\/p>\n
The urban consumer price index for September was 118.8 versus 109.8 a year earlier, the state statistics agency said.<\/p>\n
However, core annual inflation rose to 7.95 percent in the year to September from 6.98 in August, according to the central bank.<\/p>\n
Core inflation strips out subsidized goods and volatile items including fruit and vegetables. –Additional reporting by Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
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