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Stock market loses EGP 14bn - Daily News Egypt

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Stock market loses EGP 14bn

Salah Diab’s case and the 12.5% special-returns savings certificates affected stock market, says head of brokerage company

The main stock market index EGX-30 dropped by 4.4% Tuesday, recording 6824.74 points.

The EGX-70, EGX-100 and EGX-20 indexes also fell by 3.84%, 3.4% and 4.5% respectively, the Egyptian Stock Market (EGX) said.

The website of the stock market showed that the market lost EGP 14bn on Tuesday.

The stock market performance was below normal levels this week as investors were said to be worried after the arrest of businessman Salah Diab.

Chairman of Egyptian-Swiss Company for Brokerage, Akram El-Masry, said Salah Diab’s case and the 12.5% special returns savings certificates issued by state banks had a negative effect on the market. “The government doesn’t consider the effects of its decisions on the stock market,” El-Masry noted.

On Monday, the EGX froze businessman Salah Diab’s stocks and assets. Diab is the co-founder of Al-Masry Al-Youm, along with businessman Mahmoud Al-Gammal and 15 other businessmen, who also had their assets frozen after receiving an official notification.

The action follows the arrest of Diab and his son Tawfik on Sunday.

The prosecution renewed on Tuesday the detention of Diab and his son for more 15 days pending investigation.

Prosecutor General Nabil Sadek froze on Friday the assets of Sunset Hills company, owned by Diab, for which he obtained 750 acres of land at EGP 300 per acre. The price of one acre at the time of purchase was between EGP 5,000 and EGP 7,000.


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