Egypt Stocks Fall on Signs of Deepening Rift With Saudi Arabia

12 Oct 2016   Egypt, Saudi Arabia

Suspension of Aramco aid confirmed by Egyptian Oil Ministry Egyptian pound plunges to record in black-market trading Egyptian stocks declined for a second day and the currency fell to a record low on the black market after Saudi Arabia suspended a fuel-aid program, prompting concern among investors of a deeper dispute with one of the country’s key financial backers. The benchmark EGX 30 Index lost 1.6 percent, the most since Sept. 15, to 8,232.77 at the close in Cairo. About 678 million Egyptian pounds ($76 million) of shares traded, 21 percent more than the market’s three-month daily average. The Egyptian pound weakened to its lowest level since the start of a weekly Bloomberg poll of unregulated trading in 2013. The Saudi decision, for which no official reason was announced, follows Egypt’s vote in the United Nations in favor of a Russian-drafted resolution on Syria that the kingdom opposed. Egypt […]

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