Stock market slumps after state of emergency decree

Stock market slumps after state of emergency decree

On

Mon, 28/01/2013 - 18:34

The stock market lost LE4 billion (US$606 million) by the end of the trading day Monday as foreign traders' transactions shifted to selling.

The EGX30 lost 80 points, dropping to 5,608 points, with transactions worth of LE323 million.

Foreign investors shifted to selling by the end of the session, with net transactions worth LE13.3 million. Egyptian and Arab traders purchased stocks worth of LE8.2 million and LE5.1 million respectively.

The slump comes a day after President Mohamed Morsy announced a state of emergency and a 30-day curfew for the provinces of Port Said, Ismailia and Suez. The cities have been the stages of bloody encounters between police and protesters since Friday, when political groups commemorated the second anniversary of the 2011 uprising.

Edited translation from MENA