MARKETS

Egypt stock exchange, banks shut after violent clashes

Egypt’s stock exchange will be closed today, following violent clashes in which hundreds will killed. (File photo: Reuters)

Egypt’s stock exchange and banks will not open on Thursday following the violence that swept the country in which hundreds were killed.

It is the first time the Cairo bourse will be closed on a normal trading day since the January 2011 revolution in which former President Hosni Mubarak was ousted, when trading was suspended for almost two months.

A statement from the exchange said trading will resume on Sunday, Bloomberg reported. Banks will also be closed, according to a central bank official quoted by Reuters.

The stock exchange website appeared to be down on Thursday morning, displaying error messages such as “server is too busy”.

The closures follow an overnight curfew on Cairo and at least 10 other provinces, after at least 278 people were killed during yesterday’s clashes between security forces and supporters protesting the ouster of former President Mohammad Mursi.

Egypt’s shares plummeted by the most in the world during yesterday’s clashes. The country’s EGX30 index slid 1.7 percent, the steepest drop since July 8, according to Bloomberg data. Shares fell in all but two companies listed on the Cairo exchange.

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Last Update: Thursday, 15 August 2013 KSA 10:03 - GMT 07:03
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