Egypt News

But the benchmark CASE 30 index, which plunged more than 16 percent on Tuesday, trimmed some of its losses toward the end of the session after major central banks cut interest rates by half a percentage point in a coordinated action designed to ease fears about the financial crisis.
The index, down 11 percent in early trade, last traded 7.09 percent lower at 5,478.55 points. The Hermes index also fell 7.04 percent to 493.86 points and the broader CIBC index skidded 4.52 percent to 297.98 points.
Karim Hosny, a trader at Pharos Securities, said the move by the U.S. Federal Reserve, the European Central Bank and the Bank of England among others, sparked a wave of buying that stemmed the decline.
Orascom Construction Industries, Egypt's largest listed builder, fell as low as 204 Egyptian pounds a share before crawling back to last trade at 242 pounds, a 4.43 percent drop compared to Tuesday's session.
Investment bank EFG-Hermes fell 6.2 percent to last trade at 28.69 pounds.
Some shares, however, bucked the trend to end the session in the green.
Commercial International Bank (CIB), Egypt's top privately-owned bank, rose 19.39 percent to 37.49 pounds, recovering from a 40 percent plunge on Tuesday.
"The prices are very cheap," said Mohamed Kotb, investment manager at Jazira Asset Management. "It is natural to see buying power in the CIB after yesterday's drop," he said.

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