Egypt Stocks Plunge as Foreigner Selloff Fuels Devaluation Bets
- Egyptian pound's implied exchange rate weakens to record
- EGX 30 is trading below 50-, 100- and 200-day moving averages
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Egypt’s stocks fell the most in two months as foreign investors dumped the most shares since April, intensifying speculation that the country will devalue its currency.
Commercial International Bank Egypt SAE, the nation’s biggest publicly-traded lender, led the EGX 30 Index to the world’s biggest retreat behind Ukraine’s gauge. Non-Arab foreign investors were net sellers of about 133 million Egyptian pounds ($17 million) of shares. The Egyptian pound’s implied exchange rate weakened to the lowest since Bloomberg started tracking it in April.