Egypt stocks start week 2.6 pct down on political turmoil

Ahram Online, Sunday 18 Nov 2012

Withdrawals from Constituent Assembly drive Egypt Bourse down on Sunday morning

Assembly
Tensions at the constitution writing committee overshadow Egypt's Bourse (Photo: Reuters)

Egypt's stock exchange slid on Sunday morning as the Egyptian political scene worsened with withdrawals from the Constituent Assembly charged with writing the country's new constitution.

The main EGX30 index dropped 2.6 per cent to 5,515 points after 90 minutes of trading.

The Coptic Church's representatives on the Constituent Assembly withdrew on Saturday. Several secular figures also announced their intention to follow suit.

Orascom Construction Industries (OCI), the exchange's largest share, dropped 2.4 per cent. Similarly, the Commercial International Bank (CIB) dropped some 3.25 per cent.

 

A detailed market report will be published by market closure

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