The Cairo bourse is only open for four hours each trading day. It was a particularly eventful four hours today, with the benchmark EGX 30 index shedding more than 6%, mostly within the first few minutes of trading.
Yesterday was declared a “day of rage”, with tens of thousands of Egyptians taking part in violent protests reminiscent of the Tunisian uprising earlier this month. (The stock market was closed for a public holiday on Tuesday.) As the clashes continued today, investors took flight. The Egyptian equity benchmark index is now down by nearly 12% year-to-date, making it the worst performer among major bourses in developed and emerging markets. Today’s slide pushed the index lower than the previous bottom dweller: Tunisia.