Egypt market plunging 1.4 pct on US embassy clashes

Ahram Online, Thursday 13 Sep 2012

Latest wave of Cairo violence sparks a sharp fall for the exchange benchmark, but trade levels remain high

US embassy clashes
US embassy clashes in Cairo (Photo: Bassem Abo Alabass)

Egyptian stocks plunged 1.4 per cent on Thursday afternoon as clashes between security forces and protesters continue around the premises of the US embassy in downtown Cairo.

The EGX30 benchmark has surged over the past few weeks to reach its highest levels since the 2011 uprising. The index currently stands at 5,648 points.
Wednesday trade on the exchange was surprisingly buoyant, with stocks shrugging off the 11 September attacks on US diplomatic premises in Egypt and Libya to grow an overall 0.5 per cent.
Turnover on Thursday stands at LE736 million ($120.7m) around 90 minutes before the close of trade.
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