Egypt Shares Follow Regional Stocks Down

Shares in Ezz Steel , which had lost nearly 31 percent of their value in the year to Monday`s close, last traded at 7.27 pounds.

Egyptian shares, led by regional mobile phone operator Orascom Telecom, dropped on Tuesday in line with regional and world stock markets, sending the benchmark EGX 30 down.

The index shed 1.88 percent to 3,517.33 points. The rival Hermes index lost 1.6 percent to 336.45 points, while the broader EGX 70 retreated 0.73 percent to 436.05 points.

"It is in line with international and regional markets," said Karim Hosny, a trader at Pharos Securities. "Nobody knows how deep the problems are".

Shares in Orascom Telecom, the biggest Arab mobile phone operator by subscribers, fell 6.07 percent to 17.79 Egyptian pounds ($3.16). Financial stocks were also hit, with Commercial International Bank losing nearly 1 percent to last trade at 33.99 pounds.

Bucking the downward trend were shares in Ezz Steel , the biggest independent steel producer in the Middle East, which rose 5.67 percent on buying from investors seeking bargain price, traders said.

"Ezz Steel is virtually for free," said Hashem Ghoneim of Pyramids Capital. He said the firm's market capitalisation was almost equal to its 51-percent stake in Ezz Dekheila Steel.

"You won't find this anywhere in the world," he said.

Shares in Ezz Steel , which had lost nearly 31 percent of their value in the year to Monday's close, last traded at 7.27 pounds.