Last Updated : GMT 23:11:07
Arab Today, arab today
Arab Today, arab today

Egypt\'s stock market plummeting

Arab Today, arab today

Arab Today, arab today Egypt\'s stock market plummeting

Cairo - Arab Today

Egyptian shares fell the most in two months as Islamists called for more protests following a government crackdown that has left at least 800 people dead. Borrowing costs rose for the first time in seven weeks at an auction Sunday. The benchmark EGX 30 Index slumped 3.9 percent, the most since June 12, to 5,334.55 at the 1:30 p.m. close in Cairo. About 332 million Egyptian pounds ($48 million) of shares were traded, compared with a one-year daily average of 391 million pounds. Commercial International Bank Egypt SAE, the country’s biggest publicly traded lender, led a list of 29 decliners with a 5.4 percent dive. The market will close one hour early Monday as it did Sunday, the bourse said in an email. Stocks slid as concerns of an escalation of violence grew following calls by supporters of former Islamist President Mohammad Morsi to continue demonstrations demanding his reinstatement. At least 173 people died in weekend clashes that followed the violent breakup of pro-Morsi protest camps on Aug. 14. The stock market closed Aug. 15 in the first unscheduled shutdown since January 2011, when it suspended trading for almost two months. “The closure Thursday without prior notice brings back to memories of 2011 and the possibility that it could happen again, considering the hostile security situation on the ground,” Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities, said by phone. Egypt sold 5.5 billion pounds at an auction of Treasury bills Sunday, with the yield on three-month notes rising 18 basis points from last week to 11.44 percent, according to central bank data on Bloomberg. The yield on nine-month bills advanced three basis points to 12.41 percent. Yields on both maturities had plunged 311 and 260 basis points respectively since the military deposed Morsi July 3. A 6.5 billion-pound auction, canceled Aug. 15 amid the unrest, will be held Monday, according to central bank data on Bloomberg. The sales are part of a government effort to raise a record 200 billion pounds this quarter to fund a budget deficit that widened to about 14 percent in the year that ended in June from 10.8 percent a year earlier. The European Union said that it would “urgently review” its relations with Egypt in a meeting of senior diplomats Monday. The announcement follows President Barack Obama’s cancelation of a U.S. military exercise with Egypt scheduled for next month. The U.S. provides the North African country’s army with $1.3 billion in annual aid. The yield on Egypt’s benchmark $1 billion of 5.75 percent eurobonds due in 2020 has jumped 85 basis points, or 0.85 of a percentage point, from Aug. 14 to 9.18 percent on Aug. 16. That corresponded with a 4.3 percent drop in the price of the securities in the same period, the biggest in 14 months. Five-year credit default swaps, contracts which insure the country’s debt against default, climbed to 810 basis points, according to CMA data, ranking Egypt among the 10-riskiest credits in the world. Commercial International fell the most in more than eight months to 35.63 pounds. Orascom Telecom Holding SAE dropped 4 percent to 4.36 pounds, the lowest close in more than a month. Oriental Weavers Co., the country’s biggest carpets manufacturer, advanced 0.4 percent after its second-quarter profit almost doubled to 98.5 million pounds. In the Gulf, Dubai’s benchmark index retreated for a third day, falling 0.2 percent led by Emirates NBD PJSC, as shares valued at about 498 million dirhams ($136 million) traded, compared with a one-year daily average of about 360 million dirhams. Abu Dhabi’s measure declined 0.2 percent. Saudi Arabia’s Tadawul All Share Index gained 0.3 percent, Qatar’s QE index added 0.2 percent, Kuwait’s index rose 0.5 percent and Oman’s MSM30 Index increased 0.2 percent. Bahrain’s measure was little changed. Shares of Deyaar Development PJSC were the most heavily traded in the Bloomberg GCC 200 Index of regional stocks. About 86 million traded, or 3.5 times the three-month daily average. The stock gained 5.8 percent to 47.4 fils, the highest since April 2010. There are 100 fils in a dirham.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt\s stock market plummeting Arab Today, arab today egypt\s stock market plummeting


Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today Holiday magic is everywhere

GMT 13:04 2016 Saturday ,03 December

Holiday magic is everywhere
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today As nearly 20,000 children flee Aleppo

GMT 07:50 2016 Saturday ,03 December

As nearly 20,000 children flee Aleppo
Arab Today, arab today What next after landmark

GMT 09:01 2016 Saturday ,03 December

What next after landmark

GMT 04:26 2016 Saturday ,03 December

Sterling posts best run vs. euro in 9 months

GMT 12:16 2016 Friday ,02 December

Dow ends at fresh record; Nasdaq tumbles 1.4%

GMT 01:19 2016 Friday ,02 December

Kuwait Bourse Ends Thursday in Green Zone

GMT 21:38 2016 Thursday ,01 December

US Stocks Mostly Low on Wednesday

GMT 21:01 2016 Thursday ,01 December

Chinese Yuan Weakens to 6.8958 against USD Thursday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Dino-killing crater shows clues

GMT 14:43 2016 Thursday ,24 November

Dino-killing crater shows clues
Arab Today, arab today For Yazidi women left behind

GMT 08:00 2016 Saturday ,03 December

For Yazidi women left behind
Arab Today, arab today Green groups pressure Spain

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today Austria's race against time

GMT 11:44 2016 Thursday ,01 December

Austria's race against time
Arab Today, arab today Car manufacturers to power Europe

GMT 13:01 2016 Tuesday ,29 November

Car manufacturers to power Europe

GMT 12:45 2016 Tuesday ,29 November

To find German funny bone

GMT 13:52 2016 Monday ,28 November

Punk memorabilia torched

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 12:39 2016 Friday ,25 November

Arctic 9-12C above normal

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:19 2016 Monday ,21 November

New nationalism stoking fears

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday