Egypt stock market loses $3B amid oil plunge

Source: Omaha World Herald-AP

CAIRO (AP) — Egypt's stock market plunged by 22 billion Egyptian pounds (just over $3 billion) in a single day of trading Sunday as low oil prices dragged down regional economies.

The EGX30 index closed 5.23 percent lower, with 170 stocks declining and just five showing gains.

Yasser Rashad, a stock broker, said there was an immediate dip at the start of the session--"an indication that there has been an intention over the weekend...to sell as soon as the today's session began, out of fear of the stocks continuing to drop this week."

Wael Ziada, head of research at EFG Hermes, said the drop is a knock-on effect caused by the steep decline in oil prices, which have decreased by nearly half since late June. "These markets are correlated in terms of their performance because the investor base intersects."

FULL story at link.


Read more: http://www.omaha.com/news/world/egypt-stock-market-loses-b-amid-oil-plunge/article_e7debe8d-c6f0-50f9-b2fe-9cef727750a9.html