Egypt stock market snaps 7-day rally on profit-taking
Egypt’s main stock index EGX 30 fell 1.6 percent, snapping a seven-day long winning streak as investors locked in profits.
Most of the stocks on the index were in negative territory, including the Commercial International Bank (CIB Egypt), whose shares were down by 2.4 percent.
The U.S. Federal Reserve is expected to hike interest rates by three-quarters of a percentage point for the fourth straight time, but open the door to a future slowdown in its policy tightening as it balances the risk of stubbornly high inflation against the economic strains of tighter credit.
The Egyptian stock market remains exposed to some volatility amidst Fed’s anticipated hike in key interest rates, Daniel Takieddine, CEO MENA at BDSwiss, told Reuters.