Egypt Stocks Drop 1.7%

The Egyptian Exchange fell at Sunday’s close, in the first session after the Central Bank raised interest rates by 1%, amid net selling by Egyptian, Arab and foreign institutions. The EGX30 index dropped 1.72% to 48,700 points, while the EGX70 fell 0.68% and the EGX100 declined 1.01%. In the currency market, the pound rose by around 20 piastres against the dollar, which weakened to between 55.7 and 55.8 pounds.

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