Arrests Spark Selloff in Egypt, Pacing Mideast Losses
- Main equities index in Cairo declines the most since Jan. 2017
- Gauges in Saudi Arabia, Dubai, Bahrain and Qatar also fell
Photographer: Shawn Baldwin/Bloomberg
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Egypt’s main stocks index dropped the most since January 2017, leading declines among Middle Eastern markets on Sunday.
The selloff followed the detention of former President Hosni Mubarak’s two sons, as well as that of EFG-Hermes’s non-executive vice chairman and Citadel Capital SAE’s investor relations head in a case linked to stock market manipulation. In Dubai, the equities gauge fell to the lowest level since January 2016 after breaching a resistance level.