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Egypt's stock market falls in morning trading after brief closure due to unrest

Last modified: 19 Aug 2013 02:44

Egypt's stock exchange dropped 2.5 percent when it reopened on Sunday after a three day break.

The country's stock exchange and banking system was shut down on Thursday due to the unrest that gripped the nation, claiming hundreds of lives in less than a week of civil unrest between Egypt's security forces and supporters of deposed president Mohammed Morsi.

There are growing concerns that Egypt's economy will nosedive if international confidence is not restored.

"Today we are in the middle of trading, we have already seen a drop in the index of 1.5 percent which is a drop of 5,400 points," said Amir Yusuf, a stock broker at the Cairo Stock Exchange.

"I think Egyptian investors are seeing an opportunity to buy stocks due to the drop in prices, but international and Arab investor confidence is dropping as they are selling their stocks because of the insecurity and violence that is gripping the streets of the country."

[AP]