Market Update: Egypt stocks hit 7week-low as foreign military intervention looms in Syria

Ahram Online, Wednesday 28 Aug 2013

Egyptian shares and Arab indices plummet in midday trading on Wednesday as a result of escalating Syrian crisis

Egypt stocks
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)

The deteriorating situation in Syria pummelled Egypt’s stocks to their lowest level in a month in midday trading on Wednesday as the main index EGX30 declined 2.1 per cent, recording 5,225 points.

While on a Southeast Asia tour, Pentagon Chief Chuck Hagel reiterated that US forces stood ready to act at a moment's notice, amid mounting speculation the United States, France and Britain are poised to stage military action against the Syrian regime.

"Syria used chemical weapons against its own people," Hagel said in an interview with BBC on Tuesday.

In a related development, Israeli Prime Minister Benjamin Netanyahu said Tuesday that Israel would strike back "fiercely" if Syria attacks the Jewish state.
"The State of Israel is prepared for every scenario," he said following consultations on the crisis in Syria. "We are not part of the civil war in Syria, but if we detect any attempt to hurt us, we will react, and react fiercely."

Out of around 160 currently listed stocks, more than 120 were on a downward trajectory.

Meanwhile, the Qatar and Kuwaiti indices fell 2.3 and 0.7 per cent respectively, as did the Abu Dhabi and Dubai indices by 2.2 and 1.3 per cent, respectively.

Short link: