Aug 23, 1:24 PM EDT

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

Latest News
4,300-year-old pyramid discovered in Egypt
Women join fight against female circumcision
Cheap electronics threaten Egyptian repairmen
Ahead of Cairo ruling, journalists in Al-Jazeera English trial cross fingers for acquittal

Egypt replaces EgyptAir chairman, aiming to return to profits after $1.3B in losses

Attackers gun down 2 Egyptian policemen in latest attack in restive north Sinai

Egypt's antiquities minister says long-planned Grand Museum will be managed internationally

A look at Egypt's sweeping new anti-terrorism law, which criminalizes 'false news'

Buy AP Photo Reprints
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
Greece's economy grew by 0.9 percent in second quarter, faster than initially estimated

Japan reports inflation, household spending soften in July; incomes rise on bonus payments

Leader of the pack: US economy powers to 3.7 percent growth rate in the second quarter

Obama cites strong economic quarter, calls on Congress to pass budget without drama

Philippine economy grew 5.6 pct in the second quarter, slightly below government's target

With power and prestige at stake, China's Xi seen staying the course despite sliding economy

Chinese leaders struggle to reform economy while still maintaining steady growth

Portuguese government sees good news in higher tax revenue ahead of elections

China cuts interest rates to spur economy, premier says no reason for yuan to fall further

Survey shows unexpected increase in German business confidence despite market plunges in China

Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

CAIRO (AP) -- Egypt's stock market fell to its lowest level in almost two years on Sunday, as global markets sag and investors sober up from a buying binge surrounding a much-hyped economic conference last spring, analysts said.

The main EGX 30 stock index kicked off the trading week by closing at 6784.09, 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.

"It's a global sell-off; there's lack of foreign investments, given the macro-economic headwinds," said Amr Elalfy, global head of research at Mubasher Financial Services. "But there were also great hopes and expectations surrounding the economic development conference last March, but people are realizing now that most of them have not yet materialized and that these reforms take time."

Led by general-turned-politician President Abdel Fattah el-Sissi, Egypt is trying to send the message that it's making the necessary reforms and is open for business. Another issue for foreign investors is the valuation of the pound currency, which they see as overvalued.

In an auction Sunday, the central bank did not ease its current rate, keeping it steady at 7.73 against the dollar. A weaker pound could boost foreign investment and exports. Elalfy said both that and delays in setting up a legislature, absent for three years, were clouding over investor sentiment.

"The central bank has not been very clear as far as setting the monetary policy," he said. "There have been some limited measures, but maybe the devaluation has not been enough yet. Also the delay in forming a parliament is actually creating some doubt about economic policies, and how they will be implemented later on."

© 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.