Egypt's bourse suspends trading on 70 stocks after exceeding allowable drop level

The Egyptian Exchange suspended on Sunday trading on 70 stocks minutes after the start of the trading session as they fell by the maximum drop level allowed in a single session, state-run MENA news agency reported.

According to MENA, the bourse continued downward trend with losses amounting to 16 billion pounds (about 1.8 billion U.S. dollars) in the first minutes of Sunday's session prompted by the negative effects of Britain's exit from the European Union (EU) on the world stock markets.

Earlier in the day, MENA reported that the market capital lost 14 billion pounds in the first two minutes of the session to hit 378.2 billion pounds against 392.2 billion pounds.

The market capital kept going down to hit 376.3 billion pounds after dozens of stocks fell by more than 10 percent, which is the maximum drop level allowed in a single session

For now, the main benchmark EGX 30 index went down 5.3 percent reaching 6867,23 points.

The exit of Britain from the EU has negatively affected global stock markets, with experts expecting that Britain's divorce with EU will paralyze several world, and mainly European, economies for a long period of time. Endit