Skip to comments.Egypt Turmoil Rattles Mideast Markets
Posted on 01/30/2011 8:02:24 AM PST by FromLori
Investors nervous about instability gripping Egypt drove Middle Eastern stocks down sharply Sunday as markets reopened following a weekend of violent protests.
The losses, led by a drop of more than 4 percent in the regional business hub Dubai, reflect concerns the unrest that has roiled the Arab world's most populous country and nearby Tunisia could spread, jeopardizing an economic recovery across the region.
"There's this contagion effect, where investors are thinking: 'Well, is this going to spread out across the Arab world?'" said Haissam Arabi, chief executive of Gulfmena Alternative Investments, a fund management firm in Dubai.
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Ii am surprised they even opened the markets. Maybe they feel if they put those working to work it will stop the revolution.
As Egypt Burns, Obama and News Media Party Hearty Saturday Night
Sunday, January 30, 2011 | Kristinn
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