Egypt's stock market fell more than 1 percent in Sunday's trading after the government announced a postponement of a public offering program.

 

The benchmark index fell 1.1 percent to 13489 points at 35 million pounds at 0813 GMT.

 

The government announced on Friday that the Supreme Committee for Managing the Program of Proposals in the Cabinet decided to postpone the offer of 4.5 percent of the shares of the Eastern Tobacco Company, which monopolizes the cigarette industry in the country because of what it said fluctuations in global markets.

 

Eastern Tobacco was up 0.96 percent at 0813 GMT.

 

The Ministry of Finance said last month that the government would launch a planned program of more than 20 companies to sell 4.5 percent of Ash Sharqia's shares on the stock exchange to raise about 2 billion pounds ($ 112 million).

 

Egypt was planning to put up stakes in about four companies listed on the market before the end of this year