The Hottest Stock Market In The World Got Demolished Today

All year we’ve been talking about the amazing run in the Egyptian stock market, a rally that’s had experts scratching their heads, given that the Egyptian economy is in shambles, and the state is rapidly running out of foreign currency reserves.

But in the last few days the market — which had been up some 45 per cent this year — has fallen hard,

Today was its worst day of the selloff: down 3.3 per cent.

Here’s an intraday look at the index.

Egyptian EGX 30 Price Return Index


Photo: Bloomberg

A question you might be asking is: Do I care?

Well, you might want to care. The rally in risky, beaten down markets this year has been a sign of voracious risk appetite around the world. It’s possible that the cooling off of Egyptian market demand represents something bigger. Perhaps.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at