Stock market opens with dip on first day of parliamentary elections
Egyptian stock exchange in Cairo - YOUM7 (Archive)

CAIRO: The Egyptian Exchange opened Sunday with a dip of 0.08 percent for the benchmark index EGX30, and the EGX50 declined .18 percent.

The dip coincides with the start of parliamentary elections, and follows a recent devaluation of the pound against the US dollar.

The pound registered a record low Sunday morning with a rate of 7.93 per USD, and is trading at 8.03 and 8.08 per dollar at banks and exchange bureaux, respectively.

The Egyptian Exchange (EGX) showed a mixed performance last week, which was limited for only four sessions.

The EGX was shut on Wednesday in observance of Islamic New Year.

During the course of the week, market capitalization gained around 2.2 billion EGP ($26 million,) to hit 454.7 billion EGP, compared to 452.5 billion EGP last week.

The EGX lost ground on Thursday, and its benchmark dipped 0.97 after the Central Bank of Egypt depreciated the pound.

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