Tuesday 17 November 2015

UPDATE 2-MIDEAST STOCKS-Egypt hits two-year low as Russia blames bomb for plane crash | Reuters

UPDATE 2-MIDEAST STOCKS-Egypt hits two-year low as Russia blames bomb for plane crash | Reuters:

"Egyptian stocks fell to a two-year low on Tuesday after the Kremlin said a bomb brought down a Russian passenger plane in Egypt. Saudi shares fell after a legislative body endorsed a tax on undeveloped land.

The crash of a Russian aircraft on Oct. 31 in Egypt's Sinai Peninsula, which killed all 224 people on board, was "a terrorist act," Russia's foreign minister said. The accusation is likely to hit Egypt's tourist industry, a mainstay of its economy.

"The market is reacting badly to Russia's statement on the Sharm crash," said Simon Kitchen, head of strategy at EFG-Hermes. "The short-term outlook is poor ... but the market is trading well below long-run price to book multiples, suggesting deep value.""



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