CAIRO: Stocks dipped sharply for a second day on Tuesday, with the benchmark index down more than 5 percent in early trade on the back of a dip in other markets, traders said. The benchmark Hermes index, which shed 6.1 percent on Monday, was 5 percent lower at 09:50 GMT at 45,743.30 points. The Case 30 index was 5.6 percent lower at 5,225.44 points and the CIBC index was 1.7 percent lower at 205.61 points. It s in correlation with the regional markets, one trader said of the slide. Another trader said: Asian markets have hit big investors and they are trying to minimize losses. Egypt has been doing pretty well so they are trying to realize profits from here. Shares in EFG-Hermes were 10.8 percent lower at LE 34.16 ($5.93). Orascom Telecom shares were down 10.5 percent at LE 238. Reuters
Shares extend losses, index dips over 5 percent
