Egypt stock market plummets 10% on reopening

Egypt's stock exchange fell 10% this morning on reopening for the first time in nearly two months, prompting the authorities to shut it once more.

The exchange's benchmark EGX 30 index fell 9.9% to trade at 5,086 points shortly after it began trading. The sharp drop, driven by overseas investors exiting the region, forced the  authorities to take action and shut the index again just three hours after it was reopened. The fall came as no surprise to analysts who expected share prices to be hit hard as investors reacted to the economic turmoil which has reshaped the country's political landscape over the past two months. On the back of the uprising and ousting of President Hosni Mubarak, analysts have downgraded 10 of the 30 co...