Egypt Shares Extend Drop as Banks Fall; Orascom Telecom Advances
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Egyptian shares fell for the second day, sending the benchmark index to a 23-month low, as international investors sold holdings to free money locked up for almost two months during the bourse’s closure.
The EGX 30 Index retreated 3.7 percent to 4,950.82 at the 1:30 p.m. close in Cairo, bringing the two-day slump to 12 percent after the bourse opened yesterday for the first time since Jan. 27. The gauge lost as much as 7.8 percent today. EFG-Hermes Holding SAE, the nation’s biggest investment bank, plunged by the daily limit to the lowest since July 2009. Commercial International Bank SAE slid 9.4 percent. The broader EGX 100 gained 0.9 percent after reversing a drop.