Updated: EGX30 falls 5.2% on Sunday, market loses LE21.3 billion

benchmark index plunged 5.23 percent to 8,715.92points with turnover LE347million.

EGX market capital lost  LE21.3 billion to hit LE 486.6 billion compared to LE507.9 billion on Thursday

"The EGX 30 continued the recent negative performance by a sharp decline due to selling pressure took place in most of the stocks pulling the index further down", Blom Egypt Securities said.

Meanwhile, other bourses in the region are also being swept up in the selling panic, which is fuelled by fears that cheaper oil could prompt governments to slow their spending as energy export revenues shrink, hurting corporate profits, according to Reuters .

The Dubai benchmark tumbled 7.6 percent to 3,321 points, wiping out all its year-to-date gains.

Abu Dhabi's market dropped 3.6 percent, also wiping out all its 2014 gains, and Qatar's benchmark tumbled 5.9 percent.

Brent crude dropped nearly 3 percent and settled at below $62 a barrel on Friday after the International Energy Agency cut its outlook for demand growth in 2015.


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