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Egypt stocks drop after Russia, UK suspend flights in aftermath of Sinai plane crash

Associated Press
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FILE -- In this Saturday, March 10, 2013 file photo, Egyptian traders work on the floor of the stock market in Cairo, Egypt. Egypt's benchmark stock index plunged 4.4 percent on Tuesday, Nov. 10, 2015, after steadily declining since Russia suspended flights to Egypt following the Oct. 31 Russian plane crash in the Sinai Peninsula. Russia suspended all flights to Egypt ast Friday amid airport security concerns — a move that threatened to further devastate the Egyptian tourism industry, already suffering after years of political turmoil. (AP Photo/Amr Nabil, File) (The Associated Press)

FILE -- In this Monday, Nov. 9, 2015 file photo, the arrival hall is empty at the Sharm el-Sheikh Airport in south Sinai, Egypt. Egypt's benchmark stock index plunged 4.4 percent on Tuesday, Nov. 10, 2015, after steadily declining since Russia suspended flights to Egypt following the Oct. 31 Russian plane crash in the Sinai Peninsula. Russia suspended all flights to Egypt ast Friday amid airport security concerns — a move that threatened to further devastate the Egyptian tourism industry, already suffering after years of political turmoil. (AP Photo/Ahmed Abd El-Latif, File) (The Associated Press)

FILE-- In this Friday, Nov. 6, 2015 file photo, Russian tourists wearing t-shirts with images of Russian President Vladimir Putin pose for a photo in the departure terminal before boarding a flight from Sharm el-Sheikh, south Sinai, Egypt. Egypt's benchmark stock index plunged 4.4 percent on Tuesday, Nov. 10, 2015, after steadily declining since Russia suspended flights to Egypt following the Oct. 31 Russian plane crash in the Sinai Peninsula. (AP Photo/Thomas Hartwell, File) (The Associated Press)

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.