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Egypt stocks fall further as Saudi stocks, oil prices slide Egypt's main index drops as the Saudi stock market reacts to falling oil prices and a negative credit rating from Fitch on Friday
Egypt's main EGX30 index fell by 5.09 percent Sunday to 6,807 points, its lowest level since January 2014, as Saudi stocks plunge and oil prices continue to slide. On Friday, prices of US oil dropped two percent below the $40 per barrel threshold for the first time since the 2009 financial crisis. The Egyptian market dipped early Sunday after the main Saudi stock index fell 5.2 percent to 7.596 points. Saudi's market plunge is in response to further the decline of oil prices and the decision Friday by credit rating agency Fitch to lower its outlook for the kingdom's foreign and local currency issuer default ratings to "negative" from "stable," reported Reuters. Since the ouster of Islamist president Mohamed Morsi Egypt has received billions of dollars worth of aid from the Gulf. During the March Economic Development Conference, Gulf Arab countries — including Saudi Arabia — pledged $12 billion in aid and investment, half of which was deposited in the Egyptian Central Bank. Egypt's largest private lender, the Commercial International Bank (CIB), which accounts 22 percent of the main index market cap, saw its share price fall 5.29 percent Sunday to trade at LE45.10. http://english.ahram.org.eg/News/138597.aspx