By: Heba El Kordi
Cairo – Mubasher: The Egyptian Exchange (EGX) closed Sunday trading session in the red territory following reports regarding the arrest of the former President Hosni Mubarak’s two sons, Alaa and Gamal, for manipulation of the stock market.
The benchmark index EGX30 tumbled 552.99 points, or 3.61%, to 14,755.63 points.
The EGX’s trading volume reached 251.67 million shares, while the market’s liquidity amounted to EGP 634 million.
Today’s loss was stemmed from many factors including shortage in liquidity and the exiting of foreign investments from the market, along with the delay of some announced initial public offerings (IPO), chairman of the business development and strategy department at Pioneers Securities, Mohamed Gab Allah, said.
Market capitalisation lost EGP 24.5 billion, recording EGP 825.08 billion.
EGP70, for small and medium stocks, went down 1.23% to 733.61 points, while EGX100 shed 1.87% to 1,864 points.
Commercial International Bank (CIB) tumbled 2.97% to EGP 82.1, with a turnover of EGP 28.7 million.
Translated by: Muhammad Khalid
