Egypt’s main stock index drops nearly 5 pct

EGX30, Egypt's benchmark index, tumbled nearly 5 percent on Sunday. (File photo: AP)

The Egyptian Stock Exchange’s benchmark index, EGX30, tumbled 4.46 percent on Sunday with trading being suspended in at least 35 shares for 10 minutes after they fell by over five percent, market data showed.

Orascom Development Egypt was down 7.72 percent by midday trading, while Palm Hills Development was down 7.34 percent. Orascom Construction fell 5.04 percent.

Telecom Egypt was down 3.60 percent.

Elsewhere, Ezz Steel, the largest steel company in Egypt and one of the biggest in the Middle East, plunged 8.11 percent.

The market suspended trading for 30 minutes during midday, it said in a statement.

Last Update: Wednesday, 20 May 2020 KSA 09:56 - GMT 06:56