One of the easiest ways is not to store the output in a variable, but to iterate over it directly using the while / read loop.
Something like:
grep xyz abc.txt | while read -r line ; do echo "Processing $line"
There are various options for this scheme depending on what you are after.
If you need to change the variables inside the loop (and so that the change can be seen outside of it), you can use the replacement process, as indicated in answer.fonorqui :
while read -r line ; do echo "Processing $line"
Mat May 01 '13 at 12:23 2013-05-01 12:23
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