CAIRO: The Egyptian Exchange (EGX) lost ground Monday, amid bearish investor sentiment as Egypt mourned victims killed by the Libyan branch of the Islamic State group Sunday evening.
In response, the Egyptian Army in cooperation with Libyan Air Forces launched airstrikes on alleged havens of the IS group in the port city of Derna in eastern Libya, killing around 50 militants Libyan Air Forces Leader Sakr al-Geushy told Youm7 Monday.
The strikes followed the Sunday release of a video showing the mass beheading of 21 Egyptian Copts who had been kidnapped in early January.
“The benchmark index EGX30 slipped 2.04 percent, registering 9,586 points, compared to 9,785 Sunday. Also, the small and mid-cap index EGX70 fell by 2.38 percent to hit 585.5 points, down from 599.7 points in its last session. The broader index EGX100 decreased by 1.74 percent, recording 1,155 points.
Market capitalization slipped to 523.6 billion EGP ($68.7 billion,) compared to 532.9 billion EGP Sunday.
EGX decided to delay the beginning of the trading session 1 minute on Monday, to start at 10:01 am, mourning Egypt’s innocent victims,” the EGX posted on its website.