Egypt stocks extend falls, Ezz at lowest in 3 years

[Hurghada Lady]

CAIRO, Oct 23 (Reuters) - Shares of Ezz Steel ESRS.CA (AEZDq.L: Quote, Profile, Research, Stock Buzz), Egypt's largest steel producer by sales, tumbled to their lowest in more than three years on Thursday as emerging markets dropped, weighing on Egypt's index.

Ezz shares, down more than 60 percent this year, plunged 9.83 percent to 10.27 Egyptian pounds ($1.84), their sixth straight session of losses.

"People are expecting steel prices to go down, but Ezz's decline is a result of across the board selling," said Karim Hosny, trader at Pharos Securities.

The benchmark CASE30 index .CASE30, down more than 50 percent this year, shed 4.22 percent to 4,896.53 points.

Fear of a global recession battered global stock markets again on Thursday. Investors fled emerging market debt and stocks.

Housing shares also tumbled in Egypt.

Heliopolis Housing HELI.CA, the worst performer this year on the CASE30 index, dropped 6.33 percent to 20.57 pounds. It has fallen over 80 percent this year. Shares of SODIC OCDI.CA plunged 13.84 percent to 63 pounds.

"Real estate stocks have been under pressure for a while because people expect an oversupply in the high end," Hosny said.

The Hermes index .HRMS shed 3.34 percent to 444.95 points and the broader CIBC index .CIBC gained 2.05 percent to 271.73 pounds.

"Results coming in the next few weeks should be good and that should support the market," said Mohamed Ashmawy, trader at CIBC brokerage. "Fundamentally companies have good growth." ($1 = 5.59 Egyptian pounds) (Writing by Will Rasmussen)

[FABlux]

Results coming in the next few weeks should be good and that should support the market," said Mohamed Ashmawy, trader at CIBC brokerage. "Fundamentally companies have good growth." ($1 = 5.59 Egyptian pounds) (Writing by Will Rasmussen)

Let's hope he's right

[Hurghada Lady]

I hope so, but it seem's to be getting worse, can you see it changing that quickly??? We can all hope!