Egypt shares extend drops as Talaat Moustafa falls

CAIRO: Egypt s benchmark stock index fell for a third straight session on Wednesday, led by shares of real estate firm Talaat Moustafa Group. The main index shed 1 percent to 4,801.88 points. Talaat Moustafa, Egypt s largest developer by market value, retreated 4.59 percent to LE 3.74 ($0.66). Investment bank EFG-Hermes lowered its long …

CAIRO: Egypt s benchmark stock index fell for a third straight session on Wednesday, led by shares of real estate firm Talaat Moustafa Group.

The main index shed 1 percent to 4,801.88 points. Talaat Moustafa, Egypt s largest developer by market value, retreated 4.59 percent to LE 3.74 ($0.66).

Investment bank EFG-Hermes lowered its long term fair value estimate for Talaat Moustafa shares to LE 8.70 from LE 8.90 and said the company may sell fewer off-plan units than previously expected. -Reuters

Topics: FJP

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