Maridive slumps to lowest in more than two years

Maridive & Oil Services SAE, an Egyptian marine and oil support services company, tumbled to the lowest level in more than two years after the price of oil declined.

The shares of the Cairo-based company lost 8.7 per cent to $2, the lowest intraday level since February 2009, at 11:20am in Cairo. That gave the company a market value of $614 million. Egypt’s benchmark EGX 30 Index lost 1.1 per cent.

Oil fell below $80 per barrel last week for the first time since August 9 amid concern the global economy is headed for recession.