MARKET TALK: Egyptian Stocks Extend Decline On Unrest Concerns

Tuesday, May 29, 2012

1248 GMT [Zawya Dow Jones]--Egyptian stocks end lower amid rising concerns about political tensions in the Arab country. Tuesday's selling comes after demonstrators set fire to the headquarters of a former leader in Egypt's ousted regime after the announcement that he would compete against a prominent Islamist in a presidential runoff mid-June. The benchmark EGX 30 Index falls 1.1% to 4683.87, taking its losses to some 6% this week. A trader at Cairo-based Pharos Securities sees further selling pressure as investors remain jittery after recent unrest. Shares worth about EGP253 million change hands, compared with a daily average turnover of about EGP486 million this year, according to Zawya.com. (nikhil.lohade@dowjones.com; Twitter: @ZDJnews)

(END) Dow Jones Newswires

29-05-12 1258GMT