MIDEAST STOCKS-Egypt sinks to 12-month low as margin calls weigh | Reuters

MIDEAST STOCKS-Egypt sinks to 12-month low as margin calls weigh | Reuters:

Egypt’s blue-chip stock index plunged 3.6 percent on Monday to its lowest level in 12 months, dragged down by weakness in emerging markets and margin calls among local investors, while banking shares boosted Saudi Arabia.

Twenty-nine of 30 stocks in the Egyptian index fell. It has fallen 15 percent since the end of August, leaving it down 9.4 percent year-to-date. The broader EGX100 index fared better on Monday, losing only 1.9 percent.

Egypt’s market far underperformed the MSCI index of emerging market stocks, which was down nearly 1 percent. Among big blue-chip losers were tobacco firm Eastern Co, down 4.9 percent.