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Nile issue, political instability lead to Egypt’s stock market slump

Posted by Ethio Tribune on June 7, 2013

by Marwa Yahia

CAIRO, June 6 (Xinhua) — As Egyptian stock exchange lost more than 1 billion U.S. dollars with the main EGX30 index dropping 2.6 percent to 5,083 points on Wednesday, analysts said investors’ fears of Egypt’s instability and a political crisis between Cairo and Ethiopia over Renaissance Dam is to blame for the stock market slump.

The EGX30 index continued its downward trend Thursday, shedding 0.21 percent to 5,061 points, while foreign investors, who represent around 39 percent of the market, tending to sell the negatively impacted trading.

Experts said the tensions between Egypt and Ethiopia sparked by the dam that is planned to be built on the Blue Nile and will affect the Egyptian share of water, as well as the expected massive anti-government protests called upon by Rebel campaign on June 30 have been the main reason behind the falling stock market.

“The performance indicated the market sentiment of uncertainty about the political developments,” Mohsen Adel, a financial expert and also the chairman of the Egyptian Association for Financial and Investment Studies, told Xinhua…click here to read the full story!

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