CAIRO: Egypt’s main index falls for a seventh session as political tensions mount ahead of the trial of former President Hosni Mubarak, which is scheduled to begin Aug. 3.
Mubarak is accused of complicity in the killings of hundreds of protesters during the uprising that ousted him on Feb. 11.
To add to the tension, the latest in a series of mass protests, has been scheduled for Friday. A march by protesters on the Defense Ministry on Saturday left about 300 people injured.
"We are still waiting for next Friday’s protest, and no one knows how it will turn out," says investment and capital market analyst Nader Khedr.
The benchmark index closes 0.7 percent lower at 5,049 points. The index has lost 4.3 percent since July 17.
Among decliners is Ezz Steel, which drops a second day after the exchange on Tuesday briefly suspended trading in its shares until the steel maker submits its consolidated results for 2010 and the first quarter of 2011.
Ezz closes 3 percent lower after having fallen 5.6 percent on Tuesday. Trading resumed in the second half of Tuesday’s session after the company assured the exchange it would release its results within 10 days.
Cairo-based private equity firm Citadel Capital tumbles 3.9 percent after it said talks with Abraaj Capital ended without the Dubai-based firm agreeing to buy a stake in its Egyptian rival.
Citadel Capital said the talks ended because "both parties had not reached suitable conditions" to protect their shareholders.
Abraaj manages assets of more than $6 billion, while Citadel manages $4 billion. Abraaj said talks may be revisited at a later point.
"This does not preclude Abraaj Capital from exploring such a transaction in the future should performance, deal terms and/or circumstances change," Abraaj added in its statement on Tuesday.
Egyptian ceramics maker Lecico shares rise 0.9 percent despite an announcement that a worker strike that began on Tuesday had halted operations at its sanitary ware and tile factories at Khorshid in Alexandria.
Lecico is listed on the broader index , which dips 1.2 percent.
