Egypt Stocks Dive After Soccer Riots Leave 74 Dead

egypt soccerMore than 70 dead at Egypt soccer game.

Photo: AP Images

CAIRO (AP) — Egypt’s benchmark stock index has fallen by almost 4.6 per cent within minutes of the start of trade as deadly soccer riots the night before left 74 dead and rekindled fears of fresh instability, a year after the ouster of Hosni Mubarak.The benchmark EGX30 index shot down 4.58 per cent to 4,473 points by 10:45 am local time.

The decline underlines continued investor unease in Egypt as it moves along a rocky road to democracy following Mubarak’s ouster in mid-February.

The index had rallied recently in a measure of optimism after the peaceful passing of the Jan. 25 uprising anniversary. But riots by football fans late Wednesday have reignited simmering criticism of the country’s military rulers.

Witnesses say police did not intervene to stop the violence in Port Said.

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