EGX 30 falls in Monday trade
Egypt’s benchmark index dropped 1 percent on Monday, reaching 5,245 points after a session of fluctuating trade that saw a sharp drop earlier in the day.
Analysts attributed the drop to investors taking profits driven by the ongoing instability on Egypt’s streets, as well as a possible airstrike in Syria. Trading volume was at a diminished level of LE230 million, reported the state-run news site Egynews.
Egyptians and foreigners bought into the market more than Arab investors, who were overall net-sellers.
Overall market capital reached LE353.7 billion, down from LE356.1 on Sunday.
Meanwhile, the Egyptian pound was steady against the US dollar, remaining at the same level it ended at last week: LE6.98 to sell and LE7.01 to buy, reported state media.
Also on Monday, Finance Minister Ahmed Galal said that LE400 million would go to supporting the budget of the General Authority for Industrial Development during the 2013/14 fiscal year, in a bid to develop industrial areas.
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