Region | Egypt
Egyptians tipped over the edge
On entering his father's bedroom, Sayed was horrified to see his father's body dangling from the ceiling in their house in Giza, near Cairo.
- By Ramadan Al Sherbini, Correspondent
- Published: 23:31 October 28, 2008
Cairo: On entering his father's bedroom, Sayed was horrified to see his father's body dangling from the ceiling in their house in Giza, near Cairo.
"My father had lately fallen into depression after losing his life savings in trading on the Egyptian stock market," Sayed, 19, said. The 56-year-old man was originally a dealer in electrical items.
In fact, Sayed's father was not the only death from sharp stock declines in Egypt.
A few days after his suicide, another local man went on the rampage and killed his wife and child before setting himself alight, according to security sources.
Rattled by the global market meltdown, the Egyptian bourse, one of the Middle East's major stock markets, has suffered all-time high falls.
Egyptians, at pains to catch up with the soaring cost of living, have turned to bourse trading over the past years.
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