Egypt Independent

Egypt’s stocks drop on Israeli Embassy attack



Egypt's benchmark stock index is down slightly over 1 percent, weighed down by investor unease following the storming of the Israeli Embassy in Cairo over the weekend.

The EGX30 index was down 1.2 percent, to 4,698 points, by 11:15 am local time on Sunday, the first day in the trading week.

The decline was less than what many traders had expected after an angry mob broke into the Israeli embassy on Friday. The unrest was one of the most serious tests to relations between Egypt and the Jewish nation since the 1979 Camp David peace accords.

Traders warned the market could see significant pressure this week as the head of the military council currently ruling Egypt is slated to testify at the trial of ousted President Hosni Mubarak.