Stock market loses LE700 million on Wednesday

The stock market in Cairo closed on Wednesday at LE351.4 billion, totaling a loss of market capital at some LE700 million.
Total trading was LE284.8 million through 17,400 transactions.
The main EGX30 index dropped by 0.12 percent on Wednesday to close at 5189.3 points, while the small and medium shares index EGX70 dropped by 0.68 percent to 438.1 points, and the broader EGX100 index dropped by 0.55 percent to 740.2 points.
Traders said the U.S. steps towards striking Syria have caused all Arab capital markets to lose billions of dollars, but added that this would only last for a few days.
“The strike prompted investors to sell for two days,” said financial analyst Mohamed Shaarawy. “But the Egyptian stock market was the least affected due to purchases by Arab institutions when prices went down.”
Ihab Saeed, board member of a securities company, said this situation would end once the final decision regarding the strike is taken.
Meanwhile, the Dubai index fell by 3.7 percent, Kuwait by 2.6 percent, Saudi Arabia by 2.1 percent, and Qatar by 1.89 percent .
Edited translation from Al-Masry Al-Youm