"Egypt’s benchmark stock index dropped the most in six months as political tensions increased ahead of planned demonstrations marking the first anniversary of Islamist President Mohamed Mursi taking office.
The EGX 30 Index tumbled 2.9 percent, the most since Dec. 6, to 5,071.91 at the close in Cairo, making it the world’s third worst performer, according to data compiled by Bloomberg. About 99 million shares traded, compared with an 12-month daily average of 125 million shares. Orascom Telecom Holding SAE plunged the most since November while private equity firm Egyptian Kuwaiti Holding fell to the lowest since 2009.
All 30 stocks on the index dropped as investors brace for a western backlash against Egypt after after a Cairo court sentenced 43 workers in pro-democracy organizations, including Germans and Americans, to prison yesterday. Mursi, facing growing calls for anti-government protests on June 30, is also under pressure to respond to Ethiopia’s plan to build a dam on the Nile River that Egypt says may reduce its water resources."
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