(MENAFN - Youm7) Egypt's stock market witnessed notable losses on Wednesday amid a selloff my Egyptian investors and brokerage firms, deepening losses from earlier in the week.
The main index of the Egyptian stock exchange, the EGX 30, loss 3.5 percent, while the medium and small firm index, the EGX 70, dropped by 6.8 percent, and the EGX 100 declined 5.6 percent.
Wednesday's losses totaled 10.01 billion EGP U.S. (U.S. 1.68 billion).
Awny Abdel Aziz, head of the securities department, said attributed the loss to selloffs by brokerages.
Abdel Aziz warned that the increasing losses would harm investors, companies, and regulators.
Egyptian investors made up 66.45 percent of Wednesday's trades, Arabs made up 4.76 percent, and foreign traders made up 28.79 percent.
The shares of many companies witnessed notable losses on Wednesday such as Pioneers (9.7%), Ezz Steel (7.2%), Sinai Cement (3.7%), Sodic (1.3%), Orascom Telecom (2.6%), Telecom Egypt (2.7%), Mobinil (3.5%), and Commercial International Bank (4.1%).