Stock indexes continued its losses on Tuesday, for the third day in a row, amid selling by Arab and foreign investors, while purchases by Egyptians did not manage to keep up with the losses.
The main Stock index EGX30 went down by 1.75 percent to close at 6245.46 points, and the index which tracks small and medium businesses, EGX70, went down by 0.76 percent to hit 523.44 points. The broader EGX100 also dropped 0.78 percent to close at 875 points.
The value of trading on stocks was LE 485.7 million, as the market capitalization lost LE 4.8 billion, to go down to LE 405.5 billion at the end of Tuesday trading session.
Investors said that it is unlikely to link between the remarks of prime minister Hazem al-Beblawy, when he called investors 'donkeys,' and the decline of the stock indexes.
Beblawy had wondered on Monday, “Who is that donkey who would buy stocks, unless they know the future is better?” The statement was Beblawy's way to assure the people of a better financial future coming up. The word ‘donkey’ is widely used in colloquial Egyptian Arabic, usually to mean ‘stupid.’
Edited translation from Al-Masry Al-Youm
