Egypt’s stock market drops by 3 pct in first 5 minutes of trading

Egypt's main stock index EGX 30 dropped by around 3 per to reach 5,912 points cent in the first five minutes of trading.
The small and middle enterprises index EGX 70 declined by around 0.67 per cent and the broader EGX 100 by 1.4 per cent.
Egypt’s bourse had seen a rise in the previous two sessions after incurring sharp declines for seven consecutive sessions.
The benchmark index rose by 2.6 per cent on Tuesday and 3.1 per cent on Monday.
The international financial and commodity market impacted Egypt's stock last week, where the main index slumped by 15.4 per cent due to the drop in oil prices, the lifting of economic sanctions on Iran and the slowing growth in China.
Oil prices significantly tumbled by more than 6 per cent, driving the benchmark Brent Crude prices to retreat below $ 29 per barrel for the first time since February 2004.

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