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The survivors told rescuers they had set off from Libya on Sept. 1 and that 21 of the 28 people on board had fallen into the sea in rough weather
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Egyptian shares fall slightly in expected slump
CAIRO - Egyptian shares fell slightly on Wednesday but traders said they were unworried because the slump was expected in light of the recent rally.
“The market had really rallied aggressively during the past couple of weeks, and it was time to see some breath taking,” said Mohamed Radwan of Delta Securities.
“Volume-wise, it’s perfect,” said one trader who asked not be named, adding that the volume of trade was 975 million pounds ($170 million). He said profit-taking was expected in the wake of the rally of the past few days, and noted a high level of actvitiy by Gulf Arabs and wealthy Egyptian investors.
Investment bank EFG-Hermes, the day’s heaviest traded stock, closed 3.1 percent lower at 40.41 pounds, while Ezz Steel Rebars
fell 2.5 percent to end trading at 64.50 pounds.
Arabia Cotton Ginning, which surged 10.7 percent on Tuesday, slipped 0.7 percent to last trade at 13.30 pounds.
The benchmark Hermes index ended 1.5 percent lower at 50,367.84 points, while the broader CIBC index was almost unchanged, losing 0.01 percent to close at 217.15 points. The widely watched CASE 30 index fell 1.4 percent to 5,732.64 points.
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