Egypt stock market drops on concerns over diplomatic fallout with Israel

Egypt’s stock market fell by more than 3 percent on Sunday as the country’s diplomatic tussle with neighboring Israel over the death of several Egyptian soldiers weighed on investor sentiment.

The benchmark EGX30 index closed 3.15 percent lower on Sunday, at 4597 points.

Sunday’s trading session offered investors their first chance to react to the fallout between Egypt and Israel after three Egyptian security forces personnel were killed by Israeli troops pursuing militants along the Israel-Egypt border on Thursday.

Israel's attack was in response to a series of terrorist attacks in southern Israel on Thursday.

Egypt had initially threatened to withdraw its ambassador, but relented after Israel apologized. Protests, however, have continued outside Israel’s embassy in Cairo.

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