CAIRO: Egypt’s benchmark index slid, led by Ezz Steel, after rebounding on Tuesday from nine sessions of declines.
"People are depressed from the stock market, there has been no positive news coming from local companies for many months now," said Pyramids Capital’s Hashem Ghoneim.
The index slipped 1.3 percent to 5,945 points. It has lost almost 22 percent since Apr. 27.
"People are becoming very cautious," Ghoneim said, adding that companies have to have new news to attract traders to the stock market.
Local sentiment was also hurt by the weak performance of American and European markets, said Osama Mourad of Arab Finance Brokerage.
Ezz Steel dropped 4.2 percent. Palm Hills Developments fell 6.4 percent, Talaat Moustafa 1 percent and Egyptian Resorts 2.7 percent.
Egypt’s Commercial International Bank (CIB) gained for a second day, rising 2.7 percent on recent news it is doubling its capital, Mourad said.