Cairo - Mubasher: The Egyptian Exchange (EGX)closed in the red territory on Tuesday, following the announcement of the results of the investigations related to the recent crash of Russian aircraft in Sinai.
Russian officials said Tuesday they had evidence that the plane that crashed in Egypt last month was downed by a bomb; the first time those investigating the crash have cited proof of terrorist involvement.
The market capitalization shed nearly EGP 1.8 billion ($230.3 million).
The benchmark index EGX30 erased its early gains, as it lost 1.13% or 73.32 points to close at 6,407.33 points.
The heavy weighted Commercial International Bank (CIB)fell 6.78% to EGP 41, with 5.89 million shares change hands worth of 252.4 million.
EGX rebounded in early trade as the benchmark moved above the support level of 6,500 points by nearly 90 points, but it reversed its gains by late trade after the negative news related to the recent Russian aircraft crash and the appearance of strong selling power, said Waleed Hilal, head of portfolios at Mokattam Securities Brokerage.
The market total turnover recorded EGP 977.4 billion, on trading 347.7 million shares, through 23,700 transactions
Local and foreign investors came as net buyers with EGP 16.9 million and EGP 81.5 million respectively, while Arab investors came as net sellers with EGP 98.4 million.
Institutions came as net buyers, especially the local ones, while retail traders were net sellers.
