By Abdel Kader Ramadan Egypt’s stocks hit a 14-week low on Sunday, with the country’s benchmark index EGX30 index falling by 5.54 percent as investors panicked following Britain voting in favor of leaving the European Union on Thursday. Analysts had predicted that the Egyptian stock market would face setbacks on Sunday. Mohamed Radwan, a Sales Manager at Pharos Holding for Financial Investments, expected Egypt’s bourse to see a “huge slump” in the wake of Britain’s vote. The results of the British referendum came out on Friday with more than 50 percent voting to leave the EU. Global financial markets plunged, the British pound tumbled as much as 10 percent against the dollar for the first time in 30 years after the referendum results were announced. Oil prices also dropped five percent at the end of trading on Friday. The British vote also led to the resignation of Prime Minister David Cameron, who announced his intention to step down in October. The minister, who led the ‘remain’ campaign, said on Friday the country requires a new leadership to “stir the country to its next destination.” Eissa Fathy, the managing director of a Cairo-based…
Egyptian Stock Market Tumbles, Confirming Analysts’ Expectations of Difficulties After ‘Brexit’
June 26, 2016
