Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices plunged on Wednesday, offsetting their early gains, as they were hurt by the news of a terror attack on a popular temple in the Upper Egyptian city of Luxor.
Egyptian authorities said Wednesday that security forces foiled a terrorist attack near Karnak temple, one of the most visited ancient sites in Egypt and a staple of tourist itineraries in Luxor.
The police successfully defused two bombs, a security official told state-run news agency MENA, adding that the terrorists were targeting a tourist bus.
Meanwhile, eyewitnesses told Reuters that a blast caused casualties, but no numbers were confirmed.
The market lost around EGP 1.2 billion ($156.2 million) of its capitalisation, pressured by sell-offs among foreign traders and local institutions.
Equities were positive in early trades, backed by the decision of global index compiler MSCI to keep Egypt’s status as an emerging market. However, they tumbled in late trades following news of the attack, said Ahmed Abdel-Hamid, managing director at Watheeqa Securities Brokerage.
The benchmark index EGX30 fell by 0.25% or 21.5 points to close at 8,639.43 points. Similarly, the small and mid-cap index EGX70 lost 0.60% to reach 450.14 points and the broader index EGX100 ended 0.71% lower at 954.65 points.
