Egypt stock markets plunge – unrest hits where it counts, on National Finances – especially impactful in light of imperiled Greece, Italy debts

Egypt shares plunge on unrest
Egypt’s benchmark stock index dropped almost 3 perecnt Monday, dragged down by concerns of mounting unrest in the Arab world’s most populous nation.
By TAREK EL-TABLAWY – AP Business Writer – 11 July, 2011

CAIRO — Egypt’s benchmark stock index dropped almost 3 perecnt Monday, dragged down by concerns of mounting unrest in the Arab world’s most populous nation.

The decline built on the EGX30 index’s nearly 1.7 percent decline a day earlier and reflected the continuing fears in the country five months after the ouster of former President Hosni Mubarak.

Two days after a Friday protest in Cairo’s central Tahrir Square that drew tens of thousands, demonstrators were still camped out there, demanding accountability of former officials and justice for nearly 900 people killed in the mass uprising against Egypt’s leader of nearly 30 years.

Brokers said foreign and institutional investors were dumping their shares in the market, with buyers largely limited to Gulf Arab and some individual investors.

“We haven’t seen events like these since the revolution,” said Khaled Naga, a senior broker at Mega Investments. “These are difficult days.” …more