Egypt Stocks Drop Most in Week as Tensions With Israel Increase - Bloomberg

Egypt’s benchmark stock index dropped the most in more than a week as protesters demonstrated outside the Israeli embassy in Cairo after a deadly incident at the border and following a slump in global markets.

Orascom Construction Industries (OCIC), Egypt’s biggest publicly traded builder, fell 3.3 percent. Al Arafa Investments & Consulting, a clothing manufacturer that uses Israeli products, lost the most since Aug. 9. The EGX 30 Index (EGX30) retreated 3.2 percent, the most since Aug. 9, to 4,593.39 at the 1:30 p.m. close in Cairo.

“This drop is clearly due to the political tensions in Sinai,” said Tamer Nigm, head of sales and trading at Cairo- based Watheeqa Securities Brokearage. “There are fears that the situation may escalate.”

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