Egypt Stocks lose $1.2 billion after ISIS kills 21 Copts

Egypt’s stock market shares plunged by 9 billion Egyptian pounds (US$1.2 billion) on Monday amid the execution of 21 Egyptian Copts in Libya by Islamic State militants.

The benchmark EGX30 index closed 2.04 percent down, to close at 9585.92 points.

The 21 Egyptian Coptic Christians, who had gone to Libya in search of jobs, were marched to a beach, forced to kneel and then beheaded, according to the video, broadcast on Sunday evening via a website that supports Islamic State of Iraq and Syria (ISIS).

President Abdel Fattah al-Sisi had vowed to ‘avenge the criminal killings’ after release of video purporting to show killing of 21 Christians, believed to be kidnapped Egyptians.

Indices:

EGX20 edged down by 2.37 percent to 10580.97 points.

In addition, the mid- and small-cap index EGX70 sank by 2.38% to 585.49 points. The price index, EGX100 tumbled by 1.74% to 1155.84 points.

Turnovers above EGP1 billion
Throughout the closing session of Monday, the trading volume has reached 129.977 million securities, with turnovers climbed to EGP 1.090 billion, exchanged through 24.636 thousand transactions.                       
Also during the closing session, 194 listed securities have been traded in; 158 declined, 13 advanced; while 15 kept their previous levels.
Furthermore, the market capitalization recorded EGP 523.668 billion on Monday.

Investors’ Activities

The non-Arab foreign investors were net sellers on Monday seizing 8.85% of the total market, with a net equity of EGP 37.803 million, excluding the deals.

On the other hand, local and Arab investors were net buyers capturing 88.71% and 2.43% respectively of the total markets, with a net equity of EGP 28.418 million and EGP 9.384 million, respectively, excluding the deals.