Egypt: Global Selloff Hits As Egypt Stock Market, Currency Slide

Egypt’s stock market and currency slid on Monday, impacted by a global equity sell-off, regional political tensions, and concerns about government finances, according to bankers and analysts.

Foreign investors sold Egyptian pound treasury bills and converted the proceeds to dollars, seeking safer havens, the analysts and bankers reported. The benchmark stock exchange EGX30 indicator dropped by 2.33% to 27,841, while the Egyptian pound weakened by one percent to 49.20 to one dollar.

“Global markets…