Arrests Spark Selloff in Egypt, Pacing Mideast Losses: Inside EM - Bloomberg:
Egypt’s main stocks index dropped the most since January 2017, leading declines among Middle Eastern markets on Sunday.
The selloff followed the detention of former President Hosni Mubarak’s two sons, as well as that of EFG-Hermes’s non-executive vice chairman and Citadel Capital SAE’s investor relations head in a case linked to stock market manipulation. In Dubai, the equities gauge fell to the lowest level since January 2016 after breaching a resistance level.
The stock manipulation case created “a bad sentiment in the market,” said Tarek Abaza, chief executive officer of Naeem Brokerage in Cairo. “Investors are in a selling mood and the volumes are low -- any negative news is merely an excuse for a fall.”
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