Egyptian equity market downgraded by HC

30 March 2010

The Egyptian equity market has been downgraded to 'neutral' from 'overweight' by HC Research due to macro headwinds and an expected asset allocation shift by investors to dollar-denominated assets and strong global governments, Reuters has reported. 'The domestic economy has yet to see return of key external growth drivers, which, combined with inflationary pressures and government imbalances, will hold the equity market back,' the brokerage said.

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