Egypt's market continues to fall, hits lowest record in a year

Egypt's market plunged for the fifth consecutive session, hitting its lowest record in more than a year.

Benchmark EGX30 plummeted by 2.13 percent recording 7,240 points with daily stock turnover closing at LE486.8 million.

Institutions, which contributed around 42 percent of the session's trading, were net sellers to the tune of LE14 million.

Oriental Weavers, one of the largest carpet makers in the world, saw its shares drop 2.5 percent to LE9.86 per share, following accusations of monopolistic practices by the Egyptian Competition Authority on the previous day.