Egypt’s stock market fell sharply in early trade on Thursday, after airstrikes conducted by Saudi Arabia and Arab allies against Houthi rebels in Yemen, the state agency MENA reported.
The benchmark index EGX 30 fell by 2.43 percent, while the price index EGX 70 fell by 2.34 percent, MENA reported. The bourse’s administration halted trade for 30 minutes before resuming.
Gulf countries’ markets witnessed a decline as well.
Saudi Arabia launched military operations in its conflict-torn neighbour as part of a coalition that includes 9 other countries, the Saudi Ambassador to the United States Adel A. al-Jubeir announced early Thursday.
Egypt announced early Thursday that it is coordinating with Saudi Arabia over preparations to participate with an Egyptian air and naval force in Yemen, “and a ground force if necessary.”