Egyptian stock exchange suffers fifth worse loss on record

The Egyptian stock exchange on Wednesday lost more than LE10 billion, the fifth biggest one-day loss in the country's history.

Experts attributed the losses to the unpredictable political situation, in particular the announcement from various political forces that they plan to hold a million-strong demonstration on Friday.

The EGX 30 index lost 3.58 percent to close at 4094 points, the lowest level since March 2009.

The EGX 70 index of small and medium stocks lost 6.8 percent to close at 447 points, while the EGX 100 index lost 5.67 percent to close at 694 points.

The administration suspended trading for half an hour when losses on the EGX 100 index reached 5 percent.

Stocks of 168 companies went down, while only eight companies managed to post gains.

Translated from the Arabic Edition

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