Egypt market sinks 5% as foreigners revaluate investments on global losses

Egyptian stock market 14/12/2014 (Ahram On Line – Egypt): Egypt’s market tumbled on Sunday as foreigners and Arab investors exited the market following global and regional losses, analysts said.Benchmark index, EGX30, dipped 5.23 percent to record 8,715 points, the lowest value in a month and a half. Daily stock turnover reached almost LE730 million.The new prices for the gulf stocks mean that Egypt’s stock prices are not necessarily lower than the gulf, so foreign and Arab investors are revaluating their investment priorities, an analyst told Ahram Online.“Funds made losses as the drop in oil prices pulled down regional and global markets,” Mohamed Radwan, head of equities at Cairo-based Pharos Holding, said.Although Egypt is benefiting from falling oil prices, institutions investing in the MENA region needed to compensate for losses made in Gulf markets, Radwan added…

http://english.ahram.org.eg/NewsContent/3/12/117902/Business/Economy/Egypt-market-sinks–as-foreigners-revaluate-invest.aspx

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