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Egypt benchmark stock index tumbles 2 percent on new clashes in Cairo

CAIRO — The Egyptian stock exchange’s benchmark index tumbled 2 percent on Wednesday, dragged down by new clashes in the iconic Cairo square that served as the epicenter of the protest movement that ousted former President Hosni Mubarak.

The benchmark EGX30 index closed at 5,283 points, shedding 2.03 percent from its previous day’s settlement as overnight fighting between security forces and hundreds of protesters in Tahrir Square highlighted the continuing tension in the Arab world’s most populous nation.

Egypt is struggling to rebuild its economy, which was battered by the 18-day uprising that began Jan. 25 and ended with Mubarak handing over power to the military.

“To be honest, we were expecting worse than this,” Khaled Naga, a broker with Mega Investments, said, referring to the drop in the market. The past week has seen some weakness in the market, but “the Tahrir situation made things worse.”

The protests that erupted Tuesday night rekindled memories of the fighting that surfaced in the first few days of the initial uprising. Security forces clashed with hundreds of protesters in the downtown Cairo square, firing tear gas as the demonstrators lobbed rocks.

The protesters were demanding the acceleration of the prosecution of police accused of brutality in the uprising. The clashes continued into Wednesday, albeit on a smaller scale.

Since the revolution, Egyptian officials have been struggling to revive the economy amid continued labor strikes that had initially battered exports and manufacturing at the same time as two of the country’s chief cash cows, tourism and foreign direct investment, were taking a drubbing.

Losses were spread throughout the various sectors on the market. Shares of investment bank EFG-Hermes Holding slumped 3.02 percent while Ezz Steel, the country’s largest steel maker, fell 5 percent.

The Egyptian Exchange had remained shuttered for about two months after the start of the uprising, and reopened in late March to losses far lower than the collapse many had anticipated. Since then, it has seesawed, but year-to-date losses are still at about 26 percent.

The transitional government and the country’s military rulers have been pushing to show a sense of normalcy. Parliamentary elections are slated for September — even as some seek delays — and a presidential vote is to take place in November. But countering that picture of stability are the continued protests and sectarian tensions that many fear could drive deeper wedges between the Muslim majority and the Coptic Christian minority.

Recovery at Japan's factories gathers momentum (AP) | Journal of ...

TOKYO – Japan’s industrial production posted the sharpest rise in nearly six decades in May but was still below pre-quake levels as factories toiled to reverse the sharp downturn triggered by the March 11 disaster.

Industrial output rose 5.7 percent in May from the previous month, the government said Wednesday. In April, production was up 1.6 percent after a record plunge in March.

The improvement adds to signs that the world’s No. 3 economy is rebuilding after the earthquake and tsunami damaged factories and caused parts shortages for manufacturers.

The growth in May is the steepest increase in factory production since March 1953 and was broadly in line with market expectations. It comes after a 15.5 percent slump in March when the massive tsunami devastated Japan’s industrial northeast, crippled a nuclear power station that continues to leak radiation and caused widespread power shortages.

While factory output was still about 9 percent below pre-quake levels, the ministry upgraded its assessment of industrial production, describing it as “on a recovery trend.”

The jump helped fuel a rally on the Tokyo Stock Exchange. The benchmark Nikkei 225 index climbed 1.5 percent to 9,797.26.

Sectors driving the expansion include transport equipment, general machinery and chemicals. Transportation-related production soared 36 percent during the month as automakers like Nissan Motor Co. continued to restore capacity.

The automaker resumed full output at its Iwaki engine factory in northeast Japan last month. Chief Executive Carlos Ghosn said earlier this week that overall production at his company has mostly recovered and will be back to normal by October.

Manufacturers of information and communication electronics equipment also benefited from robust sales of digital LCD televisions ahead of the termination of analog terrestrial TV broadcasts on July 24.

The ministry forecast factory output to rise 5.2 percent in June and 0.5 percent in July. Electricity supply constraints this summer could affect production, but economists generally agree that the recovery will likely continue in the months ahead.

But Goldman Sachs economist Chiwoong Lee said emerging concerns about the global economy could affect Japanese production.

“While we expect supply-side constraints to be less of a concern, we think it is important to pay close attention to domestic and overseas demand trends, which will be productions ultimate determinant,” Lee said in a note to clients.

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