Dealers are seen at the Egyptian stock exchange market in Cairo, Egypt (Photo: AP)
Egypt's bourse was down on Monday after a bomb explosion at a security checkpoint in Cairo raised fears that the country's capital could see further violence.
The EGX30, Egypt's benchmark index, fell by 1.24 percent to register 6,356 points.
"The market decline came as a surprise. Investors were optimistic after the interior ministry said that it is cracking down on terrorism and as they welcomed the new law organising protests. The downgrading of diplomatic ties with Turkey is seen as a positive step too," Issa Fathy, vice-head of the securities division at Cairo's Chamber of Commerce, told Ahram Online.
Sunday saw the issuance of a new protest law which has been strongly criticised by rights activists for its restrictions. It requires protest organisers to obtain prior permission from the police and imposes hefty fines for protests held without advance notification.
A day earlier, the Egyptian foreign ministry asked the Turkish ambassador to leave the country, accusing Turkey of inciting the international community against Egypt.
However, a bomb attack near a security checkpoint in northeast Cairo at dawn on Monday caused fear and apprehension, Fathy said. The bomb was planted by unidentified assailants in Cairo's Hadaeq El-Qubah district, and exploded as a nightly patrol passed by, a security official told Al-Ahram daily.
Turnover of listed stock was higher than Sunday, recording LE513.4 million.
Foreign investors were net sellers at a value of LE32 million.
"Although a wave of selling by foreign investors pressured the market, the slight increase in turnover from Sunday show investors see an opportunity in the market," said Fathy.
Resilient to the session decline, market bellwether Commercial International Bank (CIB) showed a rise of 0.67 percent to register turnover of LE46.5 million -- the second highest turnover in today's session.
Real estate company Palm Hills Development dropped 2.62 percent in the session.
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