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Egypt exchange suspends trade after index slides | ASHARQ AL-AWSAT English Archive 2005 -2017
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CAIRO, (Reuters) – Share trading halted on the Egyptian Exchange on Tuesday after its benchmark index tumbled 5 percent, tracking U.S. and European markets lower on fears for the global economy.

The index last quoted at 4,466 points at 1055 GMT before the suspension, which was due to last for half an hour.

“I don’t think we need an explanation — we are just following the global market,” said Ashraf Akhnoukh of CIBC brokerage. “The drop of 6 percent in the U.S. is like our market being down 20 percent.”

Hisham Metwally of Arab Finance Brokerage said: “Investors are in a panic … with the effect of the U.S. and European stock dives.”

Among the biggest decliners were financial firms Pioneers Capital and National Societe Generale Bank , down 10 percent and 9.7 percent respectively.

Index heavyweights Orascom Construction and Commercial International Bank slumped 8.1 percent and 6.6 percent.

“Asian markets opened sharply down and Saudi Arabia had a bad start this morning too,” said Simon Kitchen, equity strategist. “In Egypt, high-yielding and defensive names are holding up better.”

Eipico was down 1.2 percent and Alexandria Mineral Oils 1.4 percent.