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Market Update: Egypt stocks close Sunday with 3.5 pct plunge on election unease

Prospects of a showdown between presidential candidates Morsi and Shafiq takes toll on exchange, prompting a 3.5 per cent tumble for the main index

Ahram Online, Sunday 27 May 2012
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Egyptian stocks have closed Sunday firmly in the red in an apparent sign of deep unease over the weekend's presidential election results.

The benchmark EGX30 plunged 3.49 per cent to finish the session at 4,798 points.
 
The broader EGX70 tumbled 3.49 per cent.
 
Unofficial voting tallies on Friday revealed 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."
 
Market turnover was just over LE230 million ($38.09m), with sell-offs focused on EFG-Hermes,  CIB and OTMT.
 
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