Egypt Shares Fall to 4-Month Low as Pound Drop Repels Investors
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Egypt’s benchmark stock index tumbled to the lowest level in almost four months on investor concern the weakening local currency will diminish the value of their holdings.
All shares on the EGX 30 Index declined, pushing the measure down 2.2 percent to 4,926.22 at the close in Cairo, the weakest level since Dec. 6. The gauge has tumbled 9.8 percent this year, the sixth-worst performer among 93 indexes tracked by Bloomberg. Commercial International Bank Egypt SAE fell to an eight-month low. EFG-Hermes Holding SAE decreased after reporting a fourth-quarter loss.