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TMG slides 6 pct, leads Egypt index down - Daily News Egypt

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TMG slides 6 pct, leads Egypt index down

Property developer Talaat Moustafa plunged 6 percent, leading the benchmark index lower, after a court ruled to scrap a government authority contract to sell it land for its Medinaty project. The stock market later suspended trade on Talaat Moustafa. The developer said its contract with the New Urban Communities Authority nonetheless remains sound and will …


Property developer Talaat Moustafa plunged 6 percent, leading the benchmark index lower, after a court ruled to scrap a government authority contract to sell it land for its Medinaty project.

The stock market later suspended trade on Talaat Moustafa. The developer said its contract with the New Urban Communities Authority nonetheless remains sound and will be honored, as will its own commitments to its customers.

The EGX30 index declined 2.6 percent to 6,376 points.

"Egypt is following the sentiment of global markets," said Osama Mourad of Arab Finance Brokerage. "It was also heavily bombarded by Talaat Moustafa."

"We expect the market will take it (Talaat Moustafa) down again" when the trading halt is lifted, Mourad added. "It is very confusing to investors."

Orascom Telecom declined 4.3 percent and Orascom Construction 3.6 percent.

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https://www.dailynewsegypt.com/2010/06/22/tmg-slides-6-pct-leads-egypt-index-down/
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