Stock market falls for a fourth straight day

The Egyptian stock market continued to fall for a fourth consecutive session and its benchmark index EGX30 dropped by 0.58 percent as market capital lost LE1.9 billion.

The decline is attributed to the sit-ins staged by supporters of ousted President Mohamed Morsy and investors' fears of the forcible breakup of their protests by security.

Investors tended to sell stocks and Market capital declined to LE 355.6 billion. The total volume of trading amounted to LE193.6 million.

Mahmoud al-Banna, a financial analyst,  said investors are being cautious particularly with the drop in liquidity.

He added that investors have fears of buying stocks due to the political and security conditions in the country.

Edited translation from MENA


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