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Market Update: Egypt early trading reflects post-elections sorrow

Prospects of a showdown between presidential candidates Morsi and Shafiq is taking its toll on the Cairo exchange, driving main index to lose 2.1 per cent in opening moments

Ahram Online, Sunday 27 May 2012

Egyptian stocks are plunging in the first day of trade after unofficial results for the country's first round of presidential elections were unveiled.

The benchmark EGX30 is down 2.13 per cent at 4,866 points by 11:00am Sunday.
The broader EGX70 has lost 1.17 per cent.
Unofficial voting tallies on Friday revealed that the Muslim Brotherhood's Mohamed Morsi is likely to face former Mubarak prime minister Ahmed Shafiq in a mid-June runoff for the presidency -- a showdown described by some as a "nightmare scenario."
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