Brokerage Analyst Adham Gamal El-Din said that the course of the political events announced this morning led to the main index of the Egyptian Stock Exchange (EGX) to fall by more than 6%.
He explained that Sunday's session witnessed a selling trend at the opening due to the circulation of news about the killing of two Israeli tourists in Alexandria and others in Sinai.
He explained that the percentage of decline that the EGX30 suffered during today's trading by approximately 7% did not occur for a long time over the course of one session.
He continued that the stock market is heading to test the strong support area between 18,300 points and 17,800 points, explaining that there are no expectations during the current period due to developments in political events.
According to news circulating about the events in Alexandria, two Israeli tourists were killed by a policeman as part of a regiment that was in the coastal area this morning.
During today's session, Sunday, the EGX index recorded a decline of more than 6% to 18,564 points at exactly 1 o'clock in the afternoon, Cairo time.
By the middle of trading, the index recovered some of its losses, bringing the decline to about 4 points due to the return of a purchasing trend.
The Egyptian Stock Market opened trading at 19,512 points, after achieving profits exceeding 30% since the beginning of the year, and the main index “EGEX 30” broke the symbolic threshold of 20,000 points in mid-September, to close at 19,357 by the end of trading.
The rate of decline increased after news spread that an Egyptian policeman opened fire with his personal weapon on a group of Israeli tourists in the archaeological area of the Pompey's Pillar site in the center of the city of Alexandria in northern Egypt, which led to the death of two of them in addition to their Egyptian guide.
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