Egyptian Stock Market Plunges 5% At Open After New Violence

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Photo: Lyn Gatelely via Flickr

CAIRO (AP) — Egypt’s benchmark stock index has fallen by over 5 per cent within minutes of the market’s opening as investors dumped shares following overnight violence unseen since the ouster of the country’s former president in February.The Egyptian Exchange’s EGX30 index was down by as much as 5.1 per cent early in the trading session on Monday before rebounding to a 3.93 per cent decline by 11 a.m. local time.

The early drop was the steepest in months, and followed overnight clashes between Muslims, Christian and security forces that left at least 24 dead and about 200 wounded in Cairo.

The political unrest and daily protests that followed the Feb. 12 ouster of former President Hosni Mubarak have ravaged Egypt’s economy.

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