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Local stocks in the red

Wed, July 04, 2018 18:58

Staff report:

CAIRO, July 04, 2018 - Local stocks declined on Wednesday amid anticipation about the government's plan to make its first initial public offering in the stock exchange in the coming few days.

The main index EGX30 fell by 0.68 per cent to close at 16,309.65 points. The broader indices EGX70 and EGX100 declined by 0.44 per cent and 0.81 per cent to stand at 804.00 points and 2,047.77 points, respectively, according to bourse data.

Market capitalisation lost LE6.5 billion to stand at LE904.4 billion.

Ahmed Abdel Hameed, a banker, said that investors shrugged off an announcement about Egypt obtaining the fourth tranche of the International Monetary Fund loan worth $2 billion. He expected that the stock market would remain in a fluctuating state in the coming period until the government announces the IPO of state-owned companies.

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