ICEC

Egypt stocks tumble at early trade on China worries, sharp fall in oil

A steep fall in oil prices and fresh concerns about China sent Egypt’s stocks to incur losses of 4 billion Egyptian pounds (US$ 510.8 million) at early trade Tuesday.

Brent crude was down 2.1 percent at $30.90 at 0825 GMT to a 12-year low as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls. Slowing growth in China and the recent crash in Chinese markets are battering investors’ hopes for stronger crude oil demand this year.

The benchmark index, EGX30 dropped 1.98 percent to 6503 points; while the mid- and small-cap index EGX70 inched down 1.04 percent to 370 points. The price index, EGX100 also plummeted 0.83 percent 758 points.

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