BUSINESS

Egypt stocks down moderately after angry mob's storming of Israeli embassy in Cairo

09/11/2011 05:38 EDT | Updated 11/11/2011 05:12 EST
CAIRO - Egypt's benchmark stock index is down slightly over 1 per cent, weighed down by investor unease following the storming of the Israel's embassy in Cairo over the weekend.

The EGX30 index was down 1.2 per cent, to 4,698 points, by 11:15 a.m. local time on Sunday, the first day in the trading week.

The decline was less than what many traders had expected after an angry mob broke into the Israeli embassy on Friday. The unrest was one of the most serious tests to relations between Egypt and the Jewish nation since the 1979 Camp David peace accords.

Traders warned the market could see significant pressure this week as the head of the military council currently ruling Egypt was slated to testify at the trial of ousted President Hosni Mubarak.