MIDEAST STOCKS-Egypt continues bear run, Gulf depressed by weak oil | Reuters:
"The bear run on Egypt's stock market continued on Wednesday as property developer Emaar Misr slid further in the wake of its listing, while weak oil prices weighed on the Gulf.
The Egyptian stock index tumbled 2.6 percent to a 15-month low of 7,551 points, bringing its losses from February's multi-year peak to 25 percent.
The market has been hit by a perfect storm in the last few weeks: Egypt's energy and foreign exchange shortages, a decision by the central bank to resume depreciating the Egyptian pound , and an order by the bourse that Egyptian investors who buy global depository receipts (GDRs) by purchasing shares in Egyptian pounds may only receive their returns in that currency."
'via Blog this'
No comments:
Post a Comment