Egypt drops on FX worries, Saudi moves little
09 November 2015, Nirapad News:Egypt’s stock market continued dropping early on Monday because of concern about the possibility of a “Big Bang” devaluation of the currency, while Saudi Arabia’s bourse traded near technical
support. The Egyptian index sank 2.6 per cent on Sunday. The index fell a further 0.7 per cent in the opening minutes on Monday. Commercial International Bank dropped 1.7 per cent and property developer Palm Hills
Development fell 2.3 per cent. Telecom Egypt rose 1.1 per cent. Meanwhile the Saudi stock index, which closed 0.6 per cent lower on Sunday, continued to hold technical support at its August low of 6,921 points. It edged up 0.4 per cent to 6,948 points. Petrochemical blue chip Saudi Basic Industries climbed 0.9 per cent and insurer SABB Takaful added 4.9 per cent. Saudi Printing and Packaging plunged a further 10 per cent.