Egypt bourse plagued by fourth largest ever loss

The Egyptian Exchange closed on Sunday with heavy losses amounting to EGP 21.3 billion, the fourth largest daily loss in its history and second in two years, due to random and intensive share sales by local and foreign investment funds and Arab investors in response to the steep decline in oil prices.
The capital market declined to EGP 486.6 billion.
The benchmark index EGX 30 retreated 5.23 percent down to 8,715.92 points, its biggest daily loss in two years.
The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) declined 5.26 percent to 580.86 points.
The all-embracing EGX 100 index followed suit with 4.6 percent taking the index down to 1,080.35 points.
The Egyptian Exchange had incurred its hugest ever loss of EGP 40 billion on 27 January 2011 in the aftermath of the revolution. The second largest loss, EGP 29.5 billion, was recorded on March 23 of the same year after the bourse was reopened following a 55-day suspension at the time. The third biggest loss of EGP 29.4 billion was reported on 25 November 2012.