Egyptian Stocks Fall Most Since June as Violence Sparks Protests
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Egyptian shares fell the most in two months as Islamists called for more protests following a government crackdown that has left at least 800 people dead. Borrowing costs rose for the first time in seven weeks at an auction today.
The benchmark EGX 30 Index slumped 3.9 percent, the most since June 12, to 5,334.55 at the 1:30 p.m. close in Cairo. About 332 million Egyptian pounds ($48 million) of shares traded, compared with a one-year daily average of 391 million pounds. Commercial International Bank Egypt SAE, the country’s biggest publicly traded lender, led a list of 29 decliners with a 5.4 percent dive. The market will close one hour early tomorrow as it did today, the bourse said in an e-mail.