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Egyptian stocks surge as US embassy clashes fade

Main index rockets 2.25 per cent after security forces disperse anti-film protesters in central Cairo

Ahram Online, Sunday 16 Sep 2012
downtown Cairo
Egyptian protesters gather around a burning vehicle in downtown Cairo, Egypt (Photo: AP)
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Egyptian stocks surged into the green on Sunday after security forces brought an end to four days of sometimes violent protests outside the US embassy in central Cairo.

The benchmark EGX30 is trading up 2.24 per cent at 5,789 points, halfway through Sunday's four-hour session.
 
Market heavyweights EFG-Hermes, Orascom Construction Industries and the Talaat Moustafa Group are seeing the heaviest interest, but the rally is extending across the exchange.  
 
Less than a dozen firms are trading in the red, with the broader based EGX70 index up a substantial 3.73 per cent.
 
On Saturday morning, Egyptian security forces and plainclothes personnel violently dispersed a few dozen protesters besieging American diplomatic premises, enraged by a film made in the US they say defames Islam.
 
Egyptian stocks rode out the first two-days of protests last week, only to plunge 1.4 per cent last Thursday as sustained street fighting engulfed parts of Cairo's Garden City and Tahrir Square.
 
The EGX30 benchmark had surged over the previous few weeks to reach its highest levels since the 2011 uprising.
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