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Over 400 Egyptian protesters arrested

Egyptians security officials have arrested over 400 people, as hundreds gathered in Cairo and other cities to protest government corruption.

The protesters, defying a government ban on protests, called on President Abdel Fattah al-Sisi to step down.

Reuters notes that witnesses saw plainclothes security officials were seen stopping people in central Cairo and checking social media content on their mobiles phones.

Economists have noted that the political instability in Egypt has contributed to sharp losses in the stock market. The EGX 30 and EGX 100 both fell by more than 5%, their biggest single-day drops in several years.

Reuters further states that these losses began to ease on Monday, with the EGX 100 falling 0.19% by 09:50 GMT, though Egyptian dollar bonds issued by the government and the Egyptian pound in forwarding markets both slipped.

Senior Middle East and North Africa economist for Goldman Sachs, Farouk Soussa, told Reuters: 

The events over the weekend would “give cause for investors to reprice near-term political risks in Egypt […] We think that the impact in external and domestic bond markets in the coming day or two may be more acute, given the high participation of international investors in these markets.”

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