Egypt stocks resume slide
Monday, April 18, 2011
CAIRO (AP) — Egypt’s benchmark stock index has dropped almost 3 percent, dragged down for a second day by investor concerns over an investigation involving the head of a major Mideast equity firm.
The Egyptian Exchange’s benchmark EGX30 index was down 2.93 percent by 11:20 a.m. local time Monday, building on the previous day’s 3.43 percent decline.
Brokers said the drop was fueled by authorities’ decision to ban Ahmed Heikal, the chairman of Citadel Capital, from traveling abroad and a decision late last week by an Egyptian government agency to rescind preliminary approval to sell 20 million meters of land to the Egyptian Resorts Co. One of ERC’s board members is under investigation for alleged links to violence against the protesters who ultimately ousted President Hosni Mubarak.