Cairo – Mubasher: The Egyptian Exchange initiated Thursday on a red following the disappearance of EgyptAir’s Paris-Cairo flight MS804.
By 10:20am Cairo time, the main index EGX30 fell 128.86 points or 1.69% to the mark of 7,508 points.
Earlier, EgyptAir said a plane from Paris to Cairo with 66 people on board disappeared after entering the Egyptian airspace early Thursday.
A few moments ago, Associated Press said the plane crashed in the Mediterranean Sea according to Egyptian aviation officials.
EGX early losses mainly reflect traders perplexed sentiments due to a series of ensuing incidents that distress the state economy in general and the tourism sector in particular, said Adel Abdel Fattah, Chairman of EAC Securities Brokerage (Themar).
The disappearance of EgyptAir’s plane will limitedly affect EGX performance, the analyst added.
Both the small and mid-cap index EGX70 and the broader index EGX100 also fell by 0.29% to 366.20 points and 0.55% to 772 points respectively.
The bourse registered a turnover of EGP 80.7 million by 10:20am Cairo time.
Out of 102 stocks, the bourse further saw 5 stocks in green, 64 in red, and 33 unchanged.
