Egypt Stocks Fall Most in 2 Years; Pound Hit as Protests Persist
This article is for subscribers only.
Egypt stocks tumbled the most in more than two years and bonds fell as protests against the country’s government persisted and calls for another mass rally tomorrow mounted. The pound slumped to a six-year-low.
The benchmark EGX30 Index plunged 11 percent, the most since October 2008, to 5,646.50 at the 2:30 p.m. close in Cairo. That brought the two-day drop to 16 percent. The cost to insure against the country’s debt soared 30 basis points to 375, the highest since May 2009, according to CMA prices.