Yomna Yasser - 2016-06-19 13:15:32
Egypt’s stock market slipped back into negative territory on Sunday weighed by the latest interest rate rise from the country’s central bank.
Main index EGX30 edged lower 1.11 percent, to 7337.97 points.
Earlier on Thursday, the Central Bank of Egypt (CBE) decided to raise interest rates by 100 basis points after core inflation rate hit a seven-year high in May. The bank raised the overnight deposit rate, the overnight lending rate and the rate of the CBE's main operation to 11.75 percent, 12.75 percent and 12.25 percent respectively.
During Ramadan, the trading sessions start at 10 a.m. Cairo Local Time (8:00 GMT) and end at 1:30 p.m. (11:30 GMT), reducing trading hours by one hour.
Other indices; EGX50 EWI index plummeted 1.13 percent, to 1326.38 points; while EGX20 tumbled 1.58 percent, to 7457.35 points.
Mid- and small-cap index EGX70 lost 0.72 percent, to 357.69 points. Price index, EGX100 went down 0.72 percent, to 760.96 points. More»