Firemen buried under collapsed building in Cairo

13:54, January 28, 2011      

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Egypt's stock market EGX 30 closes down at 10.52 percent drop, the second biggest decline in Egypt's exchange history.

Trading resumed on Egypt's stock marked after a 30 minutes suspension early Thursday, however upon resuming a sharper drop took place.

The broader EGX 70 dropped by 15.42 percent.

The Egyptian stock exchange is suffering broad declines due to fear over the ongoing demonstrations inspired by the Tunisian popular protests, asking the oust of the Egyptian President Hosni Mubarak.

The benchmark index dropped by 6.14 percent on Wednesday as investors are selling randomly, try to flee trading, even at loss.

EFG Hermes, Egypt's largest investment bank by market value, slumped by 12.7 percent.

According to media reports, investors' fears have been fueled by the continued violence taking place between protesters and the security forces that took place throughout Wednesday.

Egypt's bourse chief had previously stated that there was no reason to suspend trading and urged people to calm.

A trader on Al Jazeera stressed that instead of suspending the market for few minutes, the head of stock market should have closed it for days and tried to calm investors.

Thousands of Egyptian protesters hit the streets on Tuesday in an unprecedented demonstration against the government.

Source: Xinhua

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