Egypt stock market plunges on political crisis
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Egypt's benchmark index plunged on Tuesday, with a temporary suspension of trading failing to cool a frenzy of selling by investors panicked by escalating violence and protests in the capital that have thrust the nation into its worst political crisis since former President Hosni Mubarak's ouster.
The EGX30 index closed 4.78 percent lower, or at 3,676 points, continuing its slide after trading was suspended for nearly an hour on the Egyptian Exchange after the broader EGX100 index fell by over 5.4 percent. Underscoring market unease with the political situation, the country's five-year credit default swaps the cost of insuring Egypt's sovereign debt against default widened by 25 basis points to 563 basis points, according to Markit. (AP)
