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Egypt stocks continues to drop - Daily News Egypt

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Egypt stocks continues to drop

Reuters – The Cairo bourse, which dropped 2.7% last Thursday after Sisi said he would run for president, fell a further 1.9% on Sunday to trim 2014 gains to 19%. But there were signs the correction was slowing and the market closed above the intraday low. “Towards the end of today we saw a bit …


Reuters – The Cairo bourse, which dropped 2.7% last Thursday after Sisi said he would run for president, fell a further 1.9% on Sunday to trim 2014 gains to 19%.

But there were signs the correction was slowing and the market closed above the intraday low.

“Towards the end of today we saw a bit of recovery and obviously some profit-taking was to be expected after a strong performance year-to-date,” said Simon Kitchen, a strategist at EFG Hermes in Cairo.

“From the valuations perspective, Egypt is not particularly expensive relative to the rest of Middle East and North Africa and has potential for a decent economic recovery, particularly in the second half of this year.”

Sisi is expected to win the forthcoming election easily as many Egyptians consider him a strong leader that can stabilise a country in crisis. He also has the backing of most oil-exporting Gulf Arab states, which have provided Cairo with billions of dollars in financial aid.

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