Egyptian stock market continues decline, falls to lowest level in almost 2 years

Egypt's main stock index has fallen to its lowest level in almost two years.

The market, known as EGX 30, closed at 6784.09 on Sunday, the start of the trading week, falling to its lowest level since December 2013.

The 5.43-percent drop came after a steady fall last week, and as other Middle Eastern markets also tumbled, and it follows an overall global slowdown. Dubai's stock market closed nearly seven percent lower after a further slide in oil prices.

Oil futures are continuing to fall because of ample supplies of crude and a slowing global economy. Brent crude, a benchmark for international oil, fell more than a dollar to close Friday at $45.46 while the price of U.S. crude closed at $40.45.