A 31 per cent rise in profit is not a typical prelude to a 39 per cent fall in share price.
This is what happened to CIB, an Egyptian bank, as the financial crisis swept into Egypt earlier this year. In line with most emerging capital markets, foreign selling has sapped the Egyptian Exchange (ESX) over recent months. The benchmark Case 30 index has shed two-thirds of its value since its peak in May, despite sturdy corporate showings.
