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Market Update: Egypt's stocks bleed on street violence

A shorter trade day has been announced, considering the days of deadly clashes with gunfire on Egyptian streets

Ahram Online, Sunday 18 Aug 2013
Egypt Bourse
(Photo: Reuters)
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Egypt’s stocks plunged to one-month low in midday trading on Sunday as investors feel anxiety and fear due to the widespread clashes in the streets, with supporters of deposed president Mohamed Morsi on one side and security forces and other citizens one the other.

The main index EGX30 tumbled 3.8 percent, recording 5,392 points in a three-hour trading session.

"The decision to [reduce trading hours] was taken due to the events the state is witnessing," MENA, the state news agency reports on Saturday, quoting Egyptian Financial Services Authority Chairman Sherif Sami.

The broader index EGX70 declined 1.1 percent.

The two major listed shares, Commercial International Bank and Orascom Telecom, are heading down, recording 4.2 and 2.4 percent, respectively.

Out of more than 115 currently listed, around 85 stocks are registering losses.
 

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