Egypt: Sinai attacks scare investors

Egyptian stocks sank to the lowest level in more than six weeks yesterday, after a series of Islamist militant attacks against military targets in Sinai killed scores. The EGX 30 index fell 0.5 percent by 10.27am in Cairo. Stocks resumed trading after a two-day public holiday. The gauge has declined 6.7 percent this year, and is the Middle East’s worst performer. Egyptian stocks had “in recent years become somewhat enured to this type of activity, but the scale of recent events is greater than we have seen of late”, EFG-Hermes UAE head of institutional trading Julian Bruce said before the market opened. “I’m not expecting a panicky, high-volume ripcord to be pulled, more of a buyers’ strike.”