The Egyptian Stock Exchange tumbled on Tuesday after Ethiopia announced the start of the second filling of the Grand Ethiopian Renaissance Dam (GERD)’s reservoir, according to Reuters. The main Egyptian index fell in the first hour of trading on Tuesday by about two percent, amid weak trading values, after Ethiopia last night informed Egypt and Sudan of the start of the second filling of GERD reservoir. By 08:47 GMT, the main index of the market fell by 1.88 percent to 10,153.3 points, with a value of trading of LE 236.3 million, Reuters reported. The stock of Commercial International Bank fell by 1.3 percent, Talaat Moustafa Group fell by 4.6 percent, Fawry fell by 1.8 percent, El Sewedy Electric fell by 2.6 percent, Pioneers Holding stock lost 4.7 percent, and Beltone stock lost 2.6 percent. Egyptian Minister of Irrigation and Water Resources, Mohamed Abdel-Ati, issued a statement Monday in which he said that he had received an official letter from his Ethiopian counterpart stating that Ethiopia has begun the process of filling the second filling of the GERD reservoir.

Source: Egypt Independent July 06, 2021 14:26 UTC