MIDEAST STOCKS-Egypt falls on currency worries, Saudi and UAE rise | Reuters:
Egypt’s stock index fell 1.2 percent on Monday because of concerns that its currency could be vulnerable, while Saudi Arabia and United Arab Emirates markets rose, buoyed in part by high oil prices.
Twenty-five of the 30 stocks in Egypt’s blue-chip index fell, as Egypt underperformed MSCI’s emerging markets index, which was almost flat.
Middle East fund managers have turned negative towards Egyptian equities because of concern that the currency could weaken as global interest rates rise and foreign investors cut holdings of Egyptian Treasury bills, a Reuters poll showed on Sunday.
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