Egypt Stocks Top Mideast Slump on Brotherhood Probe, Oil Drop
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Egypt’s stocks led declines in Arab markets after the government froze assets of a company chairman with alleged ties to the Muslim Brotherhood and oil remained below $50 a barrel. Saudi equities also declined.
Egypt’s EGX 30 Index declined 3.2 percent, the most in six weeks, to 7,625.76 at the close in Cairo. Juhayna Food Industries tumbled 7.5 percent and Talaat Moustafa Group Holding lost 5.2 percent. In Saudi Arabia, the Tadawul All Share Index decreased 2.5 percent, led by Jabal Omar Development Co.