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Egypt’s main index falls 16.4%


Egyptian key CASE-30 stock index plunged to its lowest level in two years on Tuesday amid fresh concerns about the global financial crisis
An analyst with Egyptian major investment bank EFG Hermes Ahmed Hefnawi said that "There's panic, everything is down, it's incredible"

The CASE-30 plummeted by 16.4 percent from 7,059 to 5,903 points after trading opened for the first time since September 29 following a string of public holidays.
Trading was halted in several stocks after they exceeded the amount they were allowed to drop, according to Middle East News Agency.
"All sectors have been hit, with losses of 65 percent on some stocks," said Hefnawi. His bank's EFG-Hermes index fell 12.5 percent on Tuesday.
All shares were down between five and 65 percent.
The index is now at its lowest level since September 2006, after almost doubling in value over the last four years to hit a high of 12,000 points in May.
EGYPT NEWS