Financial Shockwaves In Egypt

by Chris Bodenner

Another sign of change to come?

The Egyptian stock market fell another 10.5% on Thursday. The index decreased 6% on Wednesday. Since yesterday afternoon, it has recorded a a loss of 54 billion Egyptian Pounds ($9.2 billion) in trading. The market was suspended for 45 minutes after it fell 6.2% in the first quarter-hour of trading on Thursday. The Egyptian Pound, already at a six-year low, is still sliding against the US dollar.

Choire comments:

According to the FT? "Currency and stocks slide amid more violence"! Which, yes, the Egyptian stock market had a massive tumble, and was suspended, but I'm pretty sure it's not related to "violence" (which has been relatively minor!) but, you know, is perhaps attributable to the sudden, stunning fact that the regime in Egypt is quite possibly not going to remain permanent! Jerks.