Fallout from global markets, which have been reeling from Europe's debt crisis, hammered Egypt's main index, sending it to its lowest point in over 25 weeks. The index tumbled 6.1 percent, its biggest single-day fall since November 30, to close at 5,938 points. “Egypt is actually leading global markets in the declines, spurred by concerns of slowness and credit crisis in the euro zone,” says Osama Mourad of Arab Finance Brokerage. None of the 30 companies that make up the index registered a gain. Pioneers Holding, a brokerage whose performance is linked to the stock market, saw one of the biggest falls, sliding 13.1 percent. Heavyweights Telecom Egypt and Commercial International Bank (CIB) declined the least. Telecom Egypt, still buoyed by speculation over a possible bid to boost its stake in Vodafone's Egypt unit, inched down 0.4 percent. CIB, seen as a defensive stock, lost 1.6 percent. “We broke a major support level, 6,300 points, which caused even more panic than what happened yesterday,” said Omar Darwish of CIBC Brokerage. “Dubai's performance definitely had a butterfly effect on our market,” he added.
