Bloomberg News

Egypt’s EGX 30 Drops Most Since August Ahead of Planned Protest

September 28, 2011

Sept. 28 (Bloomberg) -- Egypt’s benchmark stock index fell the most in more than a month ahead of planned protests against the country’s emergency law on Sept. 30.

The EGX 30 Index lost 3.6 percent, the biggest drop since Aug. 9, to 4,094.64 at the 2:30 p.m. close in Cairo. Twenty-nine stocks declined and one was unchanged. The index has tumbled 43 percent this year, making it the third-worst performer after the Cypriot and Athens benchmark indexes out of 93 measures tracked by Bloomberg.

The demonstrations are planned to take place in Cairo’s Tahrir Square and other cities. Protesters will also demand from the ruling military council a time frame for parliamentary and presidential elections, April 6 Youth Movement, one of the groups that led anti-government protests which toppled President Hosni Mubarak in February, said on Sept. 26.

“There’s a lack of confidence because of negative news daily in major newspapers, whether it is political, economic or social, in addition to major security problems on the street,” said Mohamed Radwan, head of international sales at Pharos Holding for Financial Investment. “Lack of trust is rising between military council and political parties and activists.”

Heliopolis Housing fell to its lowest in more than two years, losing 4 percent to 13.04 Egyptian pounds. The Cairo- based real-estate developer plans to auction plots of land next week as it seeks to boost liquidity, Al Mal reported. Palm Hills Developments SAE retreated to the lowest on record, sinking 5.9 percent to 1.27 Egyptian pounds. The board of the Egyptian luxury real-estate developer approved returning to the government a 190-feddan (197-acre) plot of land.

--With assistance by Ahmed Namatalla. Editors: Shaji Mathew, Claudia Maedler

To contact the reporter responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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