The market continued its fall on Wednesday amid the plunge in oil prices, losing more than US$3.8 billion during the two sessions in a row.
The EGX30 index on Wednesday's session dropping 4.59 percent on to reach 8,124.68 points with loses of LE15.3 billion ($2.1 billion).
Meanwhile, the EGX70 and the EGX100 also closed on a strong negative note, down 4.1 percent and 3.8 percent respectively.
"The EGX30 failed to continue the rebound attempt that took place on Monday’s session and dove sharply, breaking the prominent support level 8,750 and 8,600, turning them into resistance as most of the stocks broke down to new lows," Blom Egypt Securities said.
"The Egyptian stock exchange followed the Arab market’s negative performance that was affected by the significant decline in oil prices," Sigma Securities Brokerage said yesterday in research note.
Brent for January finished down $1.20 at $59.86 in London, after slipping below $60 for the first time since July 2009, according to Reuters.
Foreign and Egyptian institutions closed as net sellers recording net flows of LE37.1 million and LE79.7 million respectively as opposed to Arab institutions that were net buyers recording a net flow LE5.1 million.
On the other hand, Egyptian retail investors were net buyers at LE115.7 million.
