Egypt’s shares fell the most in the world after the country’s main opposition bloc rejected talks with President Mohamed Mursi, signaling the nation’s political crisis may be prolonged.
The North African country’s benchmark EGX 30 Index (EGX30) retreated 2.1 percent to 5,490.36 as of 1:30 p.m. in Cairo. That’s the biggest drop among 93 indexes tracked by Bloomberg. The gauge has retreated 3.5 percent this week as escalating violence left dozens dead since the second anniversary of the Jan. 25 uprising that ousted President Hosni Mubarak.
Egyptian Defense Minister Abdelfatah Al-Seesi warned of a “collapse of the state” after the National Salvation Front, a group of secular opposition parties, refused talks with Mursi, an Islamist. Commercial International Bank Egypt SAE, the country’s biggest publicly traded lender, slumped 5.6 percent. Talaat Moustafa Group Holding, the largest publicly traded property developer, was set for the lowest close since Dec. 11.
Egypt Stocks Drop Most in World Amid Turmoil, Political Standoff - Bloomberg
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