"Egypt’s stock index dropped the most in almost a month and the benchmark bonds declined after dozens were killed in clashes between the military and supporters of deposed Egyptian President Mohamed Mursi.
The benchmark EGX 30 Index decreased 3.6 percent, the biggest retreat since June 12, to 5,123.06 at the close in Cairo as all but two stocks declined. Commercial International Bank SAE led the drop, losing 3.7 percent on volume of 1.7 times the three-month daily average. The yield on the 5.75 percent bonds due in April 2020 jumped 27 basis points to 9.34 percent at 2:38 p.m. in Cairo, according to data compiled by Bloomberg.
Shares and bonds reversed last week’s gains after at least 42 people were killed and more than 300 wounded in fighting outside the Republican Guard headquarters in Cairo, a main security installation. The army said pro-Mursi protesters opened fire, while the Muslim Brotherhood, from which Mursi hails, said the attacks were unprovoked. Egypt’s stock index rallied 14 percent last week as the military ousted Mursi."
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