Egyptian stock indexes fell owing to people turmoil

Egyptian stock indexes fell owing to people turmoil

Cairo : Egypt | Nov 25, 2012 at 5:07 AM PST
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Islamist Morsi Wins Egypt Presidential Vote

Egyptian stock prices tumbled in early trading on Sunday week, and the main index lost more than eight percent in the first trading session after the Constitutional Declaration issued by President Mohamed Morsi last Thursday and sparked a political crisis.

As a result of the collapse in First administration suspended the labor market for a brief period before the resumption of trading.

The announcement which expands the constitutional powers of the President to the eruption of anger among his opponents, causing violent clashes in central Cairo and other cities on Friday and Saturday. But the losses worsened when trading returns and by the time of the ninth and GMT quarter losses in the main index 8.9 percent and secondary index lost 6.8 percent. The blue-chip stocks suffered sharp losses reached ten percent of the shares of Orascom Construction and Palm Hills and Amer Group.

Report showed that the Egyptian Stock Exchange Egyptian shares lost 88.5 billion Egyptian pounds (about 14.8 billion U.S. dollars) of its market value in the first six months of the current year, which saw a popular uprising toppled Hosni Mubarak.

The report published by the Middle East News Agency official said on Friday that the market value of listed shares amounted to 399.7 billion pounds at the end of June while it was 488.2 billion pounds at the end of December 2010.

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President Hosni Mubarak is to return to Egypt on Saturday
President Hosni Mubarak is to return to Egypt on Saturday
Fury60 is based in Cairo, Kairo, Egypt, and is a Reporter on Allvoices.
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