egypt bourse dips after dawn clashes at rep guard hq
Last Updated : GMT 03:09:26
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Egypt bourse dips after dawn clashes at Rep. Guard HQ

Arab Today, arab today

Arab Today, arab today Egypt bourse dips after dawn clashes at Rep. Guard HQ

Cairo - Arab Today

Egypt\'s benchmark EGX30 index plummeted 3.55 percent on Monday to sit at 5,123 points as investors reacted to reports of violent clashes in Cairo early in the morning. Authorities reported that 51 were killed and over 300 injured in clashes between supporters of deposed president Mohamed Morsi and the armed forces in front of the Republican Guard headquarters in Cairo\'s Nasr City. \"The clashes exacerbated investor fears of more violence, especially for foreign investors,\" says Osama Mourad, an independent analyst and former chief executive of Arab Finance Brokerage. Foreign investors were net sellers at the session, with non-Arab foreigners offloading a net LE31.4 million worth of shares and Arab investors selling off a net LE11.7 million, while Egyptians were net buyers. \"Egyptian investors are still confident that the country will go back to normal,\" says Mourad. \"The coming period will be very volatile, as bulls and bears seize opportunities for bargain hunting and profit taking,\" predicted Mourad. The majority of the EGX30 shares were in the red, sustaining heavy losses. Egyptian Financial Group-Hermes plunged 6.39 percent, while Commercial International Bank, the country\'s largest private lender, fell 3.71 percent. Real estate companies TMG Holding and Six of October Development & Investment slid 6.14 percent and 4.26 percent respectively, while Palm Hills Development Company dropped 1.83 percent. On the whole, only 13 shares were gainers out of total 171 listed, at the session which saw LE481.2 million in turnover. The broader EGX70 index also took a dive, falling 5.3 percent.    Egypt\'s interim president, Adly Mansour, has expressed \"deep regret\" over the clashes, though he referred to the incident as \"an attempt to raid the Republican Guard headquarters.\" He went on to order the formation of a judiciary committee to investigate the violence, affirming people\'s right to protest peacefully, but saying that they should stay away from vital institutions and military establishments. Ahram Online

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