Egyptian stocks lose on political tension

Egyptian stocks was Monday battered on the back of political tension, from threats by leading Islamist groups in the country to hold a million-man march on Friday, if the government does not backtrack on supra-constitutional principles seen by Islamists as an attempt to sidestep the will of the people. The main benchmark EGX30 index of heavyweight stocks lost 2.74% on Monday to close at 4,180 points, just above its lowest levels of the year. The newly-introduced EGX20 index lost 3.03% for the day, to end at 4,446 points, making for a near 45% for 2011. The EGX70 index of small and medium shares was hammered in an even bigger fashion, losing 4.95% to close the session at 455 points, near its worst levels in three years. The price weighted EGX100 index also lost big on Monday, shedding 3.82%, to end at 715, risking a break of the psychologically important 700 points barrier down. Dealings were very weak, recording just US$32 million, representing its lowest levels in more than six years. The escalation came just two weeks ahead of the forthcoming 28 November first legislative elections in the country since the 25 January revolution. The Muslim Brotherhood issued an official statement on Sunday saying it would give the government until Wednesday to withdraw its supra-constitutional proposals. It also threatened to lead what could be one of the biggest million-man marches since the revolution, in case authorities insist on their stance.