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EGX at 10-week low as Cairo backs Yemen strikes

EGX at 10-week low as Cairo backs Yemen strikes
Photo Credit: Arabianeye-Reuters

Egypt’s equities plunged in Thursday’s early trading following an announcement that Egypt will participate in the ongoing Saudi-led military campaign against Yemen’s Houthi rebels.

The benchmark index EGX30 lost around 200 points or 2.3% to move the below the level of 9,000 points, its biggest single-day loss in 10 weeks and nearly its lowest level since the beginning of 2014.

The UAE, Kuwait, Bahrain, Qatar and Jordan have also deployed fighter jets to join the Saudi air force in the ongoing air campaign against Yemen’s Houthi rebels.