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Egypt's stocks plunge on street fights nationwide

As violence escalates nationwide, Egypt's EGX30 dipped 1.7% recording 5,549 points alongside EGX70, which declined 2.7%

Ahram Online, Wednesday 14 Aug 2013
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Egypt’s stock market (Photo: Reuters)
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Egypt’s stock market on Wednesday reversed its recent upturn after deadly violence nationwide followed police attempts to disperse sit-ins by supporters of ousted president Mohamed Morsi.

According to the health ministry, Wednesday’s casualty toll has reached at least 95 deaths and 874 injuries nationwide.

Almost all listed shares plunged except six gainers in a session that saw a daily turnover of the listed securities worth some LE333.6 million (roughly $47.7 million).

The market’s benchmark EGX30 dipped 1.7 percent recording 5,549 points alongside the broader index EGX70, which declined 2.7 percent.

Foreign investors took the advantage of the shares’ prices decrease and ended the day as net-buyers with some LE17.5 million (roughly $2.5 million). However, domestic investors showed their anxiety and sold shares valued at LE25.3 million (roughly $3.6 million).

Commercial International Bank (CIB) slipped 1.1 percent to close at LE37.6 ($5.3) per share compared to LE38.1 ($5.45) on Tuesday.

Orascom Telecom, Palm Hills and Talaat Mostafa Group all slumped 2 percent per each.

The real estate developer Six of October Development and Investment (SODIC) fell 4 percent.

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