Egypt stocks in red after Israeli embassy attack

Ahram Online, Sunday 11 Sep 2011

Main index is slipping 1.2 per cent an hour into Sunday session in the aftermath of Friday's storming of the Giza building

Egyptian stocks have started the trading week in the red, pulled down by investor unease after the storming of the Israeli embassy in Cairo, with the benchmark EGX30 trading 1.2 per cent down at 4,698 points an hour into Sunday's session.

Tahrir Square protests on 'correct the path' Friday were followed by an attack on the Israeli embassy in Giza, a focal point for protests since Israeli forces killed six Egyptian soldiers on the Sinai peninsula while pursuing what it claimed were terrorists.

The embassy break-in prompted clashes with security forces in which 3 were killed and hundreds injured.

The unrest was one of the most serious tests to relations between Egypt and the Jewish nation since the 1979 Camp David peace accords.

Traders warned the market could see significant pressure this week as the head of the military council currently ruling Egypt was slated to testify at the trial of ousted President Hosni Mubarak.

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