Stock exchange closes on drop for 3rd day in a row

The Egyptian Stock Exchange has closed on Wednesday September 4 with a drop for the third consecutive day.

The leading EGX 30 index lost 0.12 percent, while the EGX 70 lost 0.68 percent and the EGX 100 has 0.55 percent.

This trend confirms the growing pessimism among investors. The EGX 30 has lost 8 percent of its value since August 13 and the latest wave of violence that has shaken the country.

Wednesday has been marked by the exceptional 1.3 billion dollar auction held by the Central Bank for companies importing basic imports.

Interim President Adly Mansour held his first television interview yesterday. He stated that a central priority of the interim government was the transitional roadmap and restoring the economy and security. He dismissed the idea of any comeback of the old regime and the police state in the country.

Meanwhile, tensions between the Egyptian government and Qatar remain high as no deal to convert the US$2 billion Qatari deposits at the Central Bank has been reached.