Arab stock markets crash - Egypt bourse down by over 16%
Stock markets across the Arab world posted huge losses Tuesday, with Egypt's benchmark index hitting a two-year low. On its first day of trading following a weeklong series of holidays, the Cairo and Alexandria Stock Exchange's benchmark CASE 30 index was down by over 16.4 percent, to 5,896.8, the AP reported.
So far this year, the CASE has been down over 4,650 points, or 44 percent. Bourse officials temporarily halted trading after shares of several major companies plummeted below the 10 percent threshold, Egypt's Middle East News Agency reported.
In Saudi Arabia, the benchmark Tadawul All Shares Index fell 7 percent, a day after hitting a four year low with a 9.81 percent decline. Dubai's DFM Index fell 5 percent to close at 3,369.15 points, according to the exchange's Web site.
The Kuwait Stock Exchange closed down about 2.64 percent on Tuesday and had shed 3.45 percent on Monday.
In Jordan, the shares price index closed at 3,635 point, a decrease of 3.87%.