Egypt index extends drop on global market woes

CAIRO: Orascom Construction Industries helped Egypt’s benchmark index CASE 30 close lower for a second straight session on Tuesday, following drops in foreign markets, traders said. “The sharp drops in the US and Europe yesterday increased bad sentiment in the market, and yesterday’s close was very bad, so there were expectations there would be a sharp drop,” said Mohamed Tawfiq of Delta Rasmala Securities. Orascom Construction Industries, Egypt’s largest builder by market value, took the...