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 Destructive statists at it again: Egypt Stocks Drop Most in Week Over Tensions With Israel on Police Deaths

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Destructive statists at it again: Egypt Stocks Drop Most in Week Over Tensions With Israel on Police Deaths Vide
PostSubject: Destructive statists at it again: Egypt Stocks Drop Most in Week Over Tensions With Israel on Police Deaths   Destructive statists at it again: Egypt Stocks Drop Most in Week Over Tensions With Israel on Police Deaths Icon_minitimeSun Aug 21, 2011 6:52 am
Egypt’s benchmark stock index dropped the most in more than a week as protesters demonstrated outside the Israeli embassy in Cairo after a deadly incident at the border and following a slump in global markets.

Orascom Telecom Holding SAE (ORTE), North Africa’s biggest mobile networks operator, fell 2.4 percent. Al Arafa Investments & Consulting, a clothing manufacturer that uses Israeli products, lost the most since Aug. 9. The EGX 30 Index (EGX30) retreated 3.4 percent, the biggest intraday decline since Aug. 9, to 4,586.78 at 11 a.m. in Cairo.

“This drop is clearly due to the political tensions in Sinai,” said Tamer Nigm, head of sales and trading at Cairo- based Watheeqa Securities Brokearage. “There are fears that the situation may escalate.”

Egypt demanded Israel apologize for the deaths of three Egyptian policemen who were killed on Aug. 18 after militants crossed the southern border and opened fire on cars and buses. Israel is investigating the possibility its forces inadvertently killed the Egyptians while shooting at the attackers, said a military officer who declined to be identified, citing regulations.

http://www.bloomberg.com/news/2011-08-21/egypt-stocks-drop-most-in-week-amid-tensions-with-israel-over-police-death.html
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Destructive statists at it again: Egypt Stocks Drop Most in Week Over Tensions With Israel on Police Deaths

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