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Egypt’s stock exchange says trading has been temporarily suspended amid an escalating political crisis and after the broader EGX100 index slumped 5 percent.
The Egyptian Exchange’s benchmark EGX30 index had fallen by over 4 percent so far on Tuesday, its third consecutive day of declines as protests and violence in downtown Cairo raised questions about the country’s stability days before pivotal parliamentary election are supposed to be held.
Market rules call for trading to be temporarily suspended if the broader EGX100 index moves by more than 5 percent.
The declines built on the previous day’s 4 percent slide and dragged its year-to-date decline down to over 47 percent.
The Egyptian Exchange’s benchmark EGX30 index fell by almost 3.1 percent within minutes of the start of trade and extended its slide to 3.6 percent by midday, blowing past the 3,800 point level seen by brokers as a key support level.