Egypt leads regional drop; markets snap rally

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Egypt’s main index EGX 30 dropped the most in nearly a month on Tuesday, led by developer Talaat Moustafa, while most Middle East markets fell as investors booked profits after a two-day rally.

An Egyptian court ruled on Tuesday to nullify the sale of government land to Egypt’s biggest listed property developer, for its mixed-use Medinaty project on the outskirts of Cairo.

The exchange suspended trade on Talaat Moustafa and cancelled all earlier trades after the stock lost 6 percent, but it later ended 8.4 percent lower than Monday’s close after the suspension was lifted.

The index EGX30 fell 2.9 percent to 6,355 points.

"We will continue to see most activity in the blue chips" over the next few days," said Mohamed Helmy of HC Brokerage, adding he expected the market to be flat on Wednesday.

"If tomorrow is flat, then things will be on the rise again the next day."


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By Reuters
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