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Egypt’s stocks declined on Thursday on the second day of thin trading following the Eid Al-Adha holiday, Al-Ahram Arabic news website reported.

 

The benchmark index EGX30 declined 1.89 percent to register 7,979.25 points.

 

The broader index EGX70 also dipped 1.14 percent to register 1350.93 points.

 

According to Reuters, the drop in the stock market came amid a wave of selling by foreign investors.

Shares with the largest market cap, Commercial International Bank (CIB) and Global Telecom Holding (GTH), went down 2.4 percent and 2.2 percent respectively.

 

The leading real estate developer Talaat Moustafa Group (TMG) fell 5.35 percent.

 

On Wednesday, Reuters reported the stock market falling yesterday due to the absence of many investors for Eid al-Adha holidays, while bourses in the Gulf stayed closed.

 

The Egyptian index dropped 0.7 percent in its lowest daily trading volume this year, as the market reopened on Wednesday after being shut for three days.