Investors panic, foreigners sell in Egypt’s stock market after EgyptAir plane vanishes

Egyptian stocks dived during early trade Thursday after an EgyptAir plane went missing causing investors to panic, market expert, Moustafa Badra, told Ahram Online.

Benchmark index, EGX30, dipped more than 2 percent by 10.45 a.m. Cairo Local Time to register 7,481 points.

The drop in the main index “was driven mainly by uncalled for panic by investors but also others were making profits from the last few session’s gains,” said Badra.

An EgyptAir flight vanished early this morning en route from Paris to Cairo.

The downing of a Russian plane crash last October, had caused tourism, a main source of foreign currency, to drop prompting a downward revision to Egypt’s growth.

Non-Arab foreign investors were net sellers in the session at a net value of 8 million Egyptian pounds.

Egyptian for Tourism Resorts, was the largest decliner in the main index falling 3.41 percent to 0.83 pounds a share.