The main index of the Egyptian Stock Exchange went down by 3.1% yesterday, losing 175 points as due to foreign and Arab selling. Observers said the decline could have been worse had not the Stock Exch...

The main index of the Egyptian Stock Exchange went down by 3.1% yesterday, losing 175 points as due to foreign and Arab selling. Observers said the decline could have been worse had not the Stock Exchange refused registration of orders to buy or sell any shares that exceed a 20% decline.   The Stock Exchange suspended in the first few minutes all deals on the shares of 17 companies for half an hour because they fell by 10%. Other major shares continued to fall, such as Orascom Construction, Orascom Telecom and CIB, who managed to reduce their losses by half by the end of the session.   The Stock Exchange issued a statement saying that the board of directors rejected suspending trading for a few days like some Western countries did. The board meeting focused on the so-called ‘hot’ money that is believed to be behind the severe ups and downs in the market.   The Gulf markets yesterday opened to sharp declines due to the global financial crisis. The Dubai stock market declined by 6%, and Abu Dhabi and Kuwait stock markets by 3.2%. The UAE authorities decided in a first to ensure all bank deposits, while Muscat rose by 32.8% .   In a related development, President Bush admitted that the current global financial crisis was caused by the United States. During the meeting of the G-20 on Saturday in Washington, he said his administration has a comprehensive strategy to address the crisis. The final statement of the meeting pledged to coordinate with each other to face the crisis.   Leaders of the euro-countries will hold an emergency meeting in Paris within hours to discuss European action to halt the panic that is sweeping the capital markets, and to face the prospect of a global recession.   (El-Masry El-Youm)