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Article: Weekly Stock Review: Egypt's stock market fluctuates as quarterly results pour in.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- November 14, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CAIRO: Heavy losses pinched most Egyptian shares last week despite a plethora of third quarter results, after a wave of negative sentiment shrouded major markets around the world earlier in the week.
Overall, Egypt's benchmark CASE 30 index plunged 8 percent to end the week at 4,823.59 points.
The stock market ended almost flat on Sunday, as declines in blue chips were offset by small cap bargains. The index lost 0.14 percent to 5,235.76 points trading on a moderate turnover of LE 873 million ($159 million).
Global and Gulf sentiment dragged Egyptian big caps, with the two biggest weights on the index Orascom Construction Industries (OCI) and ...