Egypt Stocks Eye Bear Market as Dollar Squeeze Curbs Trading
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Egypt’s dollar drought is driving last year’s best-performing Middle Eastern stocks toward a bear market as trading slumps.
The EGX 30 Index slumped 2.6 percent on Thursday, extending the worst start to a year since the Arab Spring revolt in 2011 as the average value of shares traded dwindled to a 16-month low. The gauge also crossed a technical threshold called the death cross this month, which some investors interpret as the harbinger of a further slump.