PM appointment causes stock market slump
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PM appointment causes stock market slump
On
Wed, 25/07/2012 - 17:18
The stock market slumped for a second day on investor skepticism of the political and economic experience of Egypt's new premier, the outgoing water minister Hesham Qandil, appointed on Tuesday by President Mohamed Morsy.
The index fell 1.5 percent, with only four stocks rising.
"The market is still trying to digest the fact that a non-economic figure has been appointed as a prime minister," said Mohamed Radwan of Pharos Securities.
EFG Hermes dipped 0.8 percent. The stock will be watched on Thursday after Egypt's financial regulator suspended a joint venture deal between the investment bank and Qatar's Q-Invest. The comments from Ashraf el-Sharkawy, head of the Egyptian Financial Supervisory Authority, carried by the state news agency, appeared after market hours.
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