Egypt stocks at highest level since revolution despite anti-Islam film tensions

Ahram Online, Wednesday 12 Sep 2012

Egyptian bourse ignores clashes at US embassy in Cairo and death of US ambassador in Libya as shares reach highest level since January 25 Revolution

Egypt stocks at highest level since revolution
People shout slogans in front of the U.S. embassy during a protest against what they said was a film being produced in the United States that was insulting to the Prophet Mohammad, in Cairo September 11, 2012.(Photo: Reuters)

Egyptian shares were in the green on Wednesday morning despite tensions at the US embassy in Cairo on Tuesday.

The main index EGX30 was up 1 per cent at 5.756, its highest mark since Egypt's revolution began in January 2011.

Egyptian protesters on Tuesday took down the American flag from the walls of the US embassy in Cairo during a thousands-strong demonstration held to condemn a short film produced by California-based American-Israeli Sam Bacile, which critics say demeans Islam and the Prophet Mohammed.

Reuters reported that the US ambassador to Libya, Christopher Stevens, along with three other embassy staff, were killed Tuesday night following a rocket attack in Benghazi.

The broader index EGX70 was up 0.4 per cent during the morning session, which had a high daily turnover of LE595.2 million.

Foreign investors are currently net-buyers, while Egyptian and Arab investors are net-sellers.

"If the market sees a fall, of course it will be due to what's happening in Egypt and region," Ashraf Abdel-Aziz, head of institutional sales at Arabeya online securities, told Ahram Online on Wednesday.

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