Egyptian bourse loses 9 bn EGP, indices down

The Egyptian Bourse encumbered more losses on Monday. The bourse's market capital shaved off 9 billion EGP in the first five minutes of trading Monday to stand at 334.8 billion EGP against 343.8 billion EGP at closure Sunday. The EGX 30 benchmark index ratcheted down 3.8 percent to stand at 4732.67 points. The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) also dropped by 3.7 percent, reaching 426.95 points. The all-embracing EGX 100 index followed suit with 4.1 percent, taking the index down to 706.08 points. The bourse suspended trading for half an hour Monday for going down below allowed levels. On Sunday, the bourse sustained historic loss with its market capital shaving off more than 28.5 billion EGP. Bourse indices hurtled below the allowed levels. The bourse capital market dropped from 373.2 billion EGP to 344.7 billion EGP. The loss came on the back of political disputes and calls for million-man marches ensuing from the new constitutional declaration that are jeopardizing the country's stability.