Egypt stocks drop after Russia suspends flights to country

CAIRO (AP) — Egypt’s EGX30 stocks index has plunged 4.3 percent after steadily declining since Russia suspended flights to Egypt following the Oct. 31 Russian plane crash in the Sinai Peninsula.

The benchmark index dropped during trading on Tuesday.

U.S. and British officials have cited intelligence reports as indicating the Russian passenger flight from the Sinai resort town of Sharm el-Sheikh to St. Petersburg was likely downed by a bomb on board. All 224 people onboard were killed, most of them Russian tourists.

The U.K. suspended flights to Sharm el-Sheikh on Wednesday, and two days later, Russia went a step further and suspended all flights to Egypt amid airport security concerns.

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