MIDEAST STOCKS-Egypt tumbles 4.4 pct on FX fears; austerity worries hit Qatar | Reuters:
"Egypt's stock market dropped
sharply for a third straight day on Tuesday because of
speculation about a possible currency devaluation or rise in
local interest rates. Gulf markets fell, with Qatar hit by
concern about looming austerity policies.
The Egyptian index tumbled 4.4 percent to 6,825
points, bringing its losses in the past three trading days to
9.5 percent. It broke through technical support at its September
low; the next support is its August low of 6,641 points.
Strong U.S. economic data on Friday 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'
"Egypt's stock market dropped
sharply for a third straight day on Tuesday because of
speculation about a possible currency devaluation or rise in
local interest rates. Gulf markets fell, with Qatar hit by
concern about looming austerity policies.
The Egyptian index tumbled 4.4 percent to 6,825
points, bringing its losses in the past three trading days to
9.5 percent. It broke through technical support at its September
low; the next support is its August low of 6,641 points.
Strong U.S. economic data on Friday 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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