Egypt''s Benchmark Index Drops 1.5%

Egypt’s benchmark EGX30 Index retreated for the fourth time in five days, dropping 1.5% to 4,592.31 at close in Cairo. The measure has lost 8.3% this week over issues of global instability and concerns over slow economic growth in the US. It was the fourth day of significant losses in the week''s five days of trade barring Wednesday, when the benchmark surged 4 per cent, was the sole exception. Total market turnover was LE421.2 Million, much of it taken up by trade in high-cap Commercial International Bank (CIB), which accounted for over 10%. The vast majority of shares, more than 140 of the 179 traded, finished down. Brokers said the Egyptian Stock Exchange said the market''s performance today was a bit better than expected, especially after the sharp fall recorded by US exchanges during the dealings yesterday. Egyptian stocks witnessed buying selective stocks, particularly in terms of speculation, which considerably improved the performance of the market, they said.