Al-Sawy: EGX Severely Hit By Political Confusion Amid Morsi’ Decree

Abdel Hafiz Al-Sawy, Head of Freedom and Justice Party (FJP)’s Economic Committee, mentioned that the Egyptian Exchange (EGX)’s Monday downwards have been due to the investors’ state of confusion amid the newly-elected president Dr. Mohamed Morsi’s decree to recall the parliament.

“I deny all those rumors which say there is such a dispute between the Military Council and President Mohamed Morsi provoked due to the latter’s decree.” Al-Sawy added

“Unity is what we seek so that we would successively face the challenges of the transitional period.”

“The EGX performance is an accurate mirror of the country’s political situation. This has led to EGX’s losses worth EGP 11.3 billion and to the indices’ collective downwards on Monday.”

Worth mentioning, the Egyptian Exchange went on posting losses for the second day and lost EGP 11.3 billion as the capital market amounted to EGP 335.267 billion.  EGX’s benchmark dived 4.15% to close at EGP 4698.52 pts.