CAIRO: Egypt’s benchmark EGX 30 index dropped more than 6 percent Wednesday, a day after thousands protested in the streets on what was dubbed the “Day of Anger.”
By mid-day the market had fallen 4.95 percent, the biggest drop since May of last year. At 2:45, the market had fallen 6.14 percent to 6,310.44 points.
In the early hours of the day, the market lost more than LE 22 billion, nearly $4 billion, trading at 6,410 points.
One trader told Daily News Egypt on condition of anonymity that the market was being hit hard. “Everyone’s selling, foreign investors, everyone,” the source said.
Meanwhile, the Egyptian pound fell to its lowest level since January 2005, according to Reuters, reaching a low of 5.830 against the US currency after closing at 5.816 on Monday.
Tuesday’s unprecedented protests around the country coincided with Police Day, which is a national holiday when Egypt’s banks and markets were closed.
"At the opening there was exaggerated buying of the dollar based on yesterday’s protest," a Cairo-based trader who asked not to be named told Reuters. "But that’s only in the beginning. I think people now are calmer."
The broader EGX 70 was down more than 10 percent.
*This story was updated at 2:45 pm CLT.
