Egyptian stock market suffers $2.5bn in losses

Egyptian stock market has lost more than 18 billion Egyptian pounds ($2.5 billion) over the last three days.

Analysts and those involved in the Egyptian market said that the measures taken by some European countries to close their embassies in Cairo have contributed to Arab and foreign investors selling their shares. This has caused the majority of the shares in the Egyptian market to suffer devastating losses.

Financial analyst Mostafa Hussein said that the closure of the embassies has increased the losses in the Egyptian market especially with the ongoing petrol crisis, which is causing Arab and Gulf states severe losses.

He added that no one is able to predict when the losses will stop, especially in light of the lack of motives and incentives, as well as the preoccupation of companies with preparing their final balance sheets. In addition to this, most companies expected to sustain operational losses due to the recession and the continuing economic crises.