Egypt stocks shrug off violence, gain Sunday morning

Ahram Online, Sunday 10 Mar 2013

Main EGX30 index gains 0.6% by noon on Sunday to sit at 5,398 points despite violent protests on Saturday due to Port Said trial verdict

Smoke rises from the Police Officers Club, left, and the Egyptian Soccer Federation, right, after protesters set fire following a court verdict, in Cairo, Egypt, Saturday, March 9, 2013 (Photo: AP)

Egypt's stock exchange traded in the green on Sunday morning, ignoring the violent clashes that erupted in parts of the country following the Port Said verdict on Saturday.

The main EGX30 index edged up 0.6 percent to sit at 5,398 points by noon. The bourse has maintained an upward trend since 5 March as it recovers from losses it incurred due to the ongoing tax dispute between the government and Orascom Construction Industries (OCI), Egypt's largest listed company.

The broader based EGX70 index also gained 0.63 percent.

Rioting erupted in Cairo on Saturday after a court acquitted seven security officials in the infamous Port Said football disaster trial. The riots left at least 3 dead in Cairo while unknown assailants torched the Egyptian Football Association (EFA) premises and a police social club in the upscale Zamalek district of Cairo.

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