Wednesday 23 March 2011

Egypt Shares Tumble to 2-Year Low as Trading Resumes in Cairo - Bloomberg

Egypt’s shares tumbled, sending the benchmark index to the lowest level in almost two years, as trading resumed after a two-month suspension amid unrest that toppled the North African country’s government.

The benchmark EGX 30 Index (EGX30), the world’s worst performing stock measure this year, fell as much as 9.9 percent to the lowest intraday level since April 2009. It was trading 9 percent lower at 5,138.27 at 1:06 p.m. in Cairo. Trading was halted earlier today for 30 minutes after the EGX 100 index lost 7 percent. Orascom Construction Industries, the nation’s largest publicly traded builder, retreated to the lowest since July 2009. Commercial International Bank tumbled 10 percent.

Egypt’s bourse, North Africa’s second-largest after Morocco by market value, resumed trading two days before a deadline that could have led to its removal from the MSCI Emerging Markets Index. The bourse won’t stop trading again today and will allow the EGX 100 Index to drop as much as 10 percent, exchange spokesman Hisham Turk said.

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