Egypt stocks slide on asset freeze ruling

Main benchmark index dropping as nervous investors await court ruling on an asset freeze dealt to 21 business figures by public prosecution earlier this week

Egypt stocks tumbled Wednesday morning as investors held their breath in anticipation of a criminal court ruling on the an asset freeze handed to 21 business figures later in the day.
The main EGX30 index slid 1.32 percent to sit at 5,173 points 90 minutes into the session. The broader EGX70 also dropped, by 0.73 percent.
Egypt's prosecutor-general on Sunday evening froze the assets of 21 businessmen, along with those of several Egyptian brokerage firms and bank officials, all of whom are currently under investigation for alleged stock market manipulation.
The list includes major business figures such as Saudi businessmen Abdel-Rahman Hassan and Hassan Abdel Rahman Al-Sharbatly and Egyptian businessman Hisham El-Sewedy.
The market dropped some 280 points since the beginning of 2013.