Shares on Egypt’s stock exchange plunged by about 10 percent within moments of the market’s reopening Wednesday, following a nearly two-month closure stemming from the mass protests that toppled former President Hosni Mubarak.
Trading was halted shortly after the market reopened on Wednesday morning. The Egyptian Exchange has been closed since 27 January as the demonstrations paralyzed the Arab world’s most populous nation.
Analysts had expected sharp losses as investors pulled their money from the market amid ongoing investigations of former regime officials and some of the country’s top businessmen whose companies are listed on the exchange.
Data information provider Zawya showed the exchange’s benchmark index down 10.5 percent to 5,647 points shortly after the open.
