Egyptian stock market tumbles 4.7% after protests

January 26, 2011 13:18

CAIRO — Egypt's stock market tumbled over 4.7 percent early Tuesday, with local investors fleeing the market a day after massive protests engulfed the capital and other Egyptian cities in what became one of the most serious challenges to the government in years.

The Egyptian Exchange's benchmark EGX30 index was down 4.78 percent to 6,401.78 points by 11:45 a.m. local time. The drop was the sharpest since May, when the index fell slightly over six percent, according to traders. The session was the first chance investors had to react to the protests on Monday, a national holiday honoring the police force.

"The market opened in a panic," said Ahmed Hanafi, a broker with Guthour Trading. "It's been a while since we've seen these numbers. The reaction on the market has been very negative to the protests."

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