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Sunday, 18 December 2011

Egypt Shares Fall Most in Month After Deadly Clashes in Cairo; Comi Drops - Bloomberg

Egypt’s benchmark stock index tumbled the most in almost a month, after clashes in Cairo this weekend between security forces and protesters killed 10 people, raising concern economic growth will slow further.
Orascom Construction Industries, the country’s biggest publicly traded builder, declined to the lowest level since Nov. 23. Commercial International Bank Egypt SAE (COMI) lost the most in a week. The EGX 30 Index (EGX30) dropped 3.4 percent, the most since Nov. 22, to 3,786.53 at 12:44 p.m. in Cairo, extending its slump this year to 47 percent. Persian Gulf shares rose, with the Bloomberg GCC 200 Index (BGCC200), adding 0.3 percent.
Violence flared when the military and police forces moved to end a sit-in outside the Cabinet headquarters. The clashes followed the second round of parliamentary elections, the first vote after the ouster of President Hosni Mubarak in February. The turmoil that accompanied the revolution slowed economic growth in the fiscal year that ended in June to 1.8 percent, from 5.1 percent in the previous 12 months.