The Egypt market fell over 2% in Sunday trading yesterday.We’ve been talking about Egypt a lot this year: First because it was the hottest market in the world rallying over 25% in the first couple of months of the year. Lately though because the market’s been getting slammed.
In just the last few days, the market’s down 7.1%, having lost another 2.03% on Sunday.
In the runup, it seemed obvious that Egypt was benefiting form the global “dash for trash” as investor money flooded into the beaten up areas of last year. The fact that the air is coming out of the bubble calls into question whether this is a harbinger of some broader pullback in risk.
Of course, the Egyptian economy is seen as a basket case, so it could be just its own story.