Stock exchange opens trading with LE1.6 billion loss

Stocks fell by one percent after the Muslim Brotherhood said on Monday that its candidate won the presidential election and the military council released amendments to the Constitutional Declaration that ensure it would hold on to power after the new president takes office.

Egypt's five-year credit default swaps rose six basis points to 650 points matching three-year highs reached on Friday, Reuters reported.

The stock exchange lost nearly LE1.6 billion of its market capital within the first minutes of trading on Monday based on fears of political unrest in the wake of the Brotherhood announcing Mohamed Morsy’s victory and the military council issuing the supplementary constitutional declaration. The total market capital for shares of listed companies was LE319.7 billion, down from LE332.1 billion when the market last closed.

Meanwhile the performance indicators varied with the main market index EGX 30 falling nearly 0.9 percent, recording 4,378.82 points, and the broader EGX 100 falling 0.22 percent to reach 676.12 points.



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