Egypt Stock Exchange plunges after historic vote

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A view of the Egypt Stock Exchange of Cairo, Egypt. Photo - Bloomberg

Egypt Stock Exchange went down almost 3.5% on Sunday, a day after the first results of a landmark presidential election were announced.

The main EXG-30 index dropped 3.49% to reach 4,789.14 points at closing in the bourse’s the first session since the presidential poll on 23 and 24 May.

According to unofficial results, the top two candidates were the Muslim Brotherhood’s Mohammed Mursi and Ahmed Shafiq, a former premier under ousted president Hosni Mubarak.

“The first results of the presidential election have added to the political nervousness and uncertainty for the future,” financial analyst Mostafa Saad told AFP.

The top two candidates are set to face each other in a run-off that will be held on 16 and 17 June.

The election is the final phase of a military-led transition marked by political upheaval and deadly clashes. The economy has been hit hard by the popular uprising that ousted Mubarak in February 2011.

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