Egypt's market dropped 2.6 percent to a five-month low of 8,303 points, extending losses after MSCI's decision to exclude Telecom Egypt from its emerging markets index.
Telecom Egypt tumbled 6.7 percent on Thursday after falling its daily 10 percent limit in the previous session, and many other Egyptian stocks also fell sharply.
With only three Egyptian companies – Commercial International Bank (CIB), Talaat Moustafa Group and Global Telecom – left in the MSCI index, some analysts have said the country risks eventually being excluded from the benchmark completely.
Meanwhile, the small and mid-cap EGX70 index and the broader EGX100 index fell by 3.12 percent and 2.23 percent, respectively.
The EGX market capital lost a total of LE9.61 billion (US$1.3 million), hitting LE482.23 billion, compared to LE591.84 billion on Wednesday.
