Egypt's main index shed 151 points on Sunday as non-Arabs were dominated by a bearish sentiment, tracking declines in US stocks, traders said. Non-Arabs made net sell-offs worth LE28.7 million ($5 million), they added. The North African country's main index EGX 30 fell by 2.32 per cent, ending the day's trading at 6,366.82 points. The EGX 70 index, which measures 70 of the country's small and mid caps, plunged by 3.06 per cent to 558.7 points. Volume hit LE1 billion, according to the Egyptian Exchange. Most big caps were in the red. Orascom Telecom, the largest Arab mobile operator by subscribers, slid by 4.7 per cent LE5.88 per share. Orascom Construction Industries, Egypt's largest builder by market value, dipped by 2.17 per cent, closing at LE229.31 per share. On Friday, US stocks cascaded to their lowest close since February after May's jobs figure slammed investors already reeling from worry over another developing debt crisis, this time in Hungary, according to Reuters. Data showed the US economy added fewer-than-expected jobs last month, with a large portion of those being temporary hirings for the US Census. Investors rapidly reversed bets made during the week as expectations for a blowout number grew, leading up to the report. Wall Street, which is down 12.5 per cent since the April 23 closing high for the year, sold off broadly, led by economically sensitive sectors, including industrials, technology and small-caps, on concerns that the economy will recover by fits and starts. "It was extremely disappointing," said Robert Froehlich, a senior managing director of The Hartford Mutual Funds in Simsbury, Connecticut. "We know that employment is the lagging indicator, but ... we've been saying that for a year. There comes a time where we're really going to have to see that number pick up." The drop in stocks follows Wall Street's first back-to-back advances since late April. Worries that Europe's sovereign debt troubles could spread flared again after a Hungarian official said the country was at risk of a Greek-style crisis, driving the euro to a more than four-year low against the dollar. The Dow Jones industrial average .DJI dropped 323.31 points, or 3.15 per cent, to 9,931.97. The Standard & Poor's 500 Index lost 37.95 points, or 3.44 per cent, to 1,064.88. The Nasdaq Composite Index tumbled 83.86 points, or 3.64 per cent, to 2,219.17. "The new worry over Hungary is rekindling sovereign debt issues. The additional uncertainty is naturally lighting a fire beneath the VIX as premiums on options boost volatility," said Andrew Wilkinson, senior market analyst at Interactive Brokers Group in Greenwich, Connecticut. The S&P 500 fell below 1,070, which had been considered a support level for the market. The index closed just below the intraday low the market reached during the so-called "flash crash" on May 6.
