Egypt Shares Tumble; IMF Delays Visit, Talks on $4.8 Bln Loan Pact

The Market Vectors Egypt ETF (EGPT) slid 5% as stocks in that high-flying market tumbled amid lowered earnings expectations for several companies Goldman Sachs covers in the country, Bloomberg’s ’s Ahmed Namatalla and Alaa Shahine report. They also said delays in the IMF’s plans to visit the country pressured the market.

The International Monetary Fund delayed its visit where it was expected to negotiate a $4.8 billion loan pact for Egypt, in part to give the government more time to formulate an economic reform program, Reuters’ Patrick Werr reports.

The declines come after the ETF has logged a 65% rise this year (following a 52% decline last year) as the Egyptian market has topped the performance tables for emerging markets this year.

http://blogs.barrons.com/emergingmarketsdaily/2012/10/01/egypt-shares-tumble-imf-delays-visit-talks-on-4-8-bln-loan-pact/?mod=google_news_blog

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