CAIRO: Egyptian stock indexes slipped on Sunday for the fourth straight session, with foreign investors dumping shares to cover positions in falling international markets, brokers said. The benchmark index CASE 30 shed 2.34 percent to close at 7,982.06 points. The Hermes index lost 1.78 percent to 705.50 points, while the broader CIBC index was 0.43 percent down to 424.06 points. Foreigners are reducing their exposure to the Egyptian market with what is happening in international markets, said Amr Alaa of Prime Securities. Uncertainty over the future of troubled investment bank Lehman Brothers dragged down US stocks on Friday, offsetting a rise in energy shares after oil climbed above $102 a barrel as Hurricane Ike headed for the Texas Gulf Coast. Foreign investors were the only net sellers in Egypt on Sunday, accounting for 25.8 percent of the total selling value. Investment bank EFG-Hermes, the most heavily traded stock by turnover, lost 3.33 percent to last trade at LE 45.89 ($8.44). The stock fell more than 7.5 percent since Sept. 4. Shares in Orascom Construction Industries also fell 3.88 percent to LE 336.49. Regional mobile phone operator and market heavyweight Orascom Telecom (OT) slipped 1.45 percent to LE 44.30 a share.
