Egypt’s bourse suspends trading after $1.6 billion losses

Egypt’s stock exchange on Tuesday suspended trading for one hour after losing about 10 billion pounds ($1.66 billion) when stocks dropped 4.48 percent, as clashes between police and protesters demanding democratic change entered their fourth day.

The main EGX-30 index fell 172.82 points to touch 3,688.17 points, according to the Egyptian Exchange website.

The head of the Cairo stock exchange, Mohammed Omran, “has decided to suspend trading at the bourse for one hour due to the continued drop in stocks as events continue to intensify between protesters and security forces,” the official MENA news agency reported.

On Monday, stocks tumbled 4.04 percent on closing, amid the clashes which threatened to overshadow the first parliamentary polls since Hosni Mubarak was toppled.

At least 28 people have died in the violence in Cairo, Alexandria and the canal city of Ismailiya.

Protesters have called for a mass rally on Tuesday at 1400 GMT to demand the ruling military cede power to a civilian authority.