Cairo-Mubasher: The Egyptian Exchange’s (EGX) indices closed Monday in the red, with the benchmark EGX30 diving 4.23% or 347.47 points to 7870.78 points, its lowest level since 9 April 2014.

The small and mid-cap index EGX70 fell 3.08% to 425.02 points, while the broader EGX100 dropped 2.81% to 902.56 points.

Mohamed Gaballah, head of trading at Tawfik Securities Brokerage, told Mubasher that Monday’s losses were unjustified. “We expected Greece’s bailout voting to impact the bourse, but its losses exceeded forecasts.”

Gaballah forecasted the market to see strong buying on Tuesday on attractive stock prices.

Greek voters have decisively rejected the terms of an international bailout.

The final result in the referendum, published by the interior ministry, was 61.3% "No", against 38.7% who voted "Yes".

Ahmed Abdel Hamid, managing director at Watheeqa Securities, said jitters prevailed in the market, especially as Emaar Misr stock retreated on debut below its subscription price to EGP 3.55.

Abdel Hamid added that bellwethers followed suit of the newly-listed stock, and thus weighed significantly on the exchange.

The market capitalisation dropped EGP 11.9 billion ($1.5 billion) to EGP 484.18 billion, compared with EGP 496.13 billion on Sunday.

Turnover reached EGP 498 million, after around 147.6 million shares changed hands. The total market capitalisation amounted to EGP 1.04 billion, after 154.3 million shares were exchanged in 18,000 transactions.

Foreigners and Arabs recorded sell/buy differences of EGP 3.6 million and EGP 2.2 million, respectively. Meanwhile, nationals were net buyers of shares worth EGP 5.8 million.

Out of the 160 stocks traded today, losers eclipsed gainers 122 to 13, while 25 stocks stabilised.

Translated by Abdul Maguid Aboshahla