There’s no pleasing everyone. As Egypt and the IMF started talks on Monday about a $3.2bn loan package, equity markets dropped. The EGX30 index closed 0.62 per cent down and the CMA general index fell as much as 3.8 per cent before recovering to close 1.45 per cent down.
Why? After a big run-up this year, some negative signals out of Cairo will have given investors the trigger they were waiting for to take profits.
Egypt’s state-run news agency reported that the IMF was demanding approval from all parties in Egypt’s parliament before signing any agreement, according to Saad el-Hosseini, head of the parliament’s budget committee.
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