Egyptian stocks slumped to the lowest level in more than two years as institutional investors exited the market.
The EGX 30 Index retreated 4 percent, the most among more than 90 gauges tracked by Bloomberg, to 6,205.23. That’s the weakest close since November 2013 and the biggest drop in two months. Local and foreign investment funds were net sellers of more than 140 million Egyptian pounds ($18 million), according to bourse data.
Egyptian stocks have lost 11 percent in January, making them the world’s fifth-worst performers this year. As the country heads into the five-year anniversary of the uprising that ended President Hosni Mubarak’s rule, the government is struggling to boost economic growth and end a foreign currency shortage that has deterred investment from overseas. Prime Minister Sherif Ismail said he will present his economic plan to parliament, which convened this month for the first time in three years.