MARKETS: ‘ Egyptian stock market falls to lowest level in 2-years – Sunday report ‘

#AceFinanceReport – EGYPT:Aug.25: Egypt’s stock market fell to its lowest level in almost two years on Sunday. The 5.43 percent drop came after a steady fall last week amid an overall global slowdown.

“It’s a global sell-off; there’s lack of foreign investments, given the macroeconomic headwinds,” said Amr Elalfy, global head of research at Mubasher Financial Services. He added that while there were “great hopes and expectations” following Egypt’s economic development conference in March, “people are realizing now that most of them have not yet materialized and that these reforms take time.”

He also cited the delay in the formation of the parliament as contributing to doubt surrounding Egypt’s monetary policies, in addition to what foreign investors see as an over-valuation of Egypt’s currency.

[AP, 8/23/2015]

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