Egypt stocks drop on Israeli embassy attack

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Sept. 11, 2011, 12:52 p.m. |

Egyptian Army soldiers stand guard outside the Israeli embassy in Cairo, Egypt, Saturday, Sept. 10, 2011. The storming of the Israeli embassy by a mob of Egyptian protesters inflicted a "severe injury to the fabric of peace" between the two countries, Israel's Prime Minister Benjamin Netanyahu warned on Saturday. The ambassador and the entire embassy staff except for one deputy ambassador were evacuated from Egypt along with their families in the face of the overnight rampage at the Nile-side embassy in Cairo, when hundreds of protesters tore down a concrete security wall outside the building, set fires in the street and dozens broke into an office of the embassy tossing documents off the balcony to the crowd below.
© (AP Photo/Ahmed Ali)

CAIRO (AP) — Egypt's benchmark stock index is down slightly over 1 percent, 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 percent, 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.
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