Egypt's Stock Market Suspend Trading on Sunday
Trading on Egypt’s stock exchange halted on Sunday after the EGX 100 dropped by 5 percent. The fall according to analysts is linked to protests which broke out in Cairo and other cities over the weekend. Stock Exchange of Egypt Source : Reuters It is the first suspension since 2016, when Egypt embarked on a three-year economic reform programme that obtained the backing of the International Monetary Fund. It led to the devalution of the Egyptian Pound and undertaking austerity measures. When trading was suspended shortly after 1030 GMT, stocks such as Orascom Investment had fallen by 9.89 percent, Ezz Steel sank by 9.91 percent and Pioneers had dropped 9.65 percent. Orascom Construction fell by 8.04 percent and Palm Hills lost 9.63 percent. Before the latest selloff, Egyptian stocks had rallied this year on the back of economic growth and a recent interest rate cut. The benchmark index is up 8 percent so far this year. O...