Egypt key stock index picks up after falling over 9 pct

CAIRO- Egypt's key CASE-30 stock index fell over nine percent before recouping some losses to settle 7.38 percent down in early trade on Sunday amid fresh concerns about the global financial crisis.

By (AFP)

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Published: Sun 12 Oct 2008, 4:29 PM

Last updated: Sun 5 Apr 2015, 2:17 PM

The CASE-30, which lost more than 20 percent of its value amid widespread selling on global stock exchanges last week, had closed at 5,667 points on Thursday, the last day of trading before the weekend in Egypt.

The index dropped sharply to almost 5,100 points on opening Sunday after the weekend before rising slightly to 5,249 points.

"Despite the attractive prices, caution is still advised due to the turmoil in the regional and global markets," brokerage firm Sigma Securities said on its website.

The index has lost more than half its value in six months after almost doubling its value over the past four years to a high of 12,000 points in May.

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