Egypt’s market loses LE9.3 bn on Sunday, EGX30 skids 3.7%

Egypt's market suffered losses during Sunday's session, as Egypt's traders await the outcome of a central bank interest rate and currency policy meeting later this week.
The benchmark index EGX30 skidded 3.66 percent and the EGX market capital lost LE9.33 billion (US$1.2 billion), to hit LE412.31 billion, compared to LE421.65 billion on Thursday, which is in line with declines on other regional bourses.
Egypt's annual urban consumer inflation rose to 11.1 percent in November from 9.7 percent in October, the official statistics agency CAPMAS said on Thursday. This is the steepest increase in headline inflation since June.
"Crucially what remains to be seen is if the Central Bank of Egypt raises (interest) rates," Cairo-based Naeem Brokerage said in a note.
The higher inflation figures are unlikely to influence Thursday's central bank meeting to set interest rates, analysts told Reuters, noting that the main priority is likely to be promoting growth.
Middle East markets faced further sell-offs on Sunday by both foreign and regional investors after oil prices slid to near 11-year lows.
Brent crude posted its biggest weekly percentage drop in over a year on Friday to settle at US$37.93 after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year.

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