MIDEAST STOCKS-Egypt continues tumbling on FX worries, Saudi almost flat | Reuters:
"Egypt's stock market continued to tumble early on Tuesday because of speculation about a possible currency devaluation or a rise in local interest rates. Most Saudi Arabian stocks opened barely changed.
The Egyptian index skidded 2.9 percent to 6,929 points, adding to a 2.8 percent drop on Monday and a 2.6 percent slide on Sunday. On Monday, it broke technical support on its October low; its next support is at the September low of 6,921 points.
Strong U.S. economic data on Friday has raised expectations for a U.S. rate hike next month. Meanwhile, the Russian airliner crash in the Sinai threatens to slash Egyptian tourism revenues."
'via Blog this'
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