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Market Update: Egypt index trading up 0.3 pct, TMG shares frozen
Exchange benchmark edges into the green, shrugging off early losses caused by an unfavourable court ruling for Egyptian property giant
Ahram Online Published in Ahram Online on 08 - 07 - 2012

Egyptian stocks have shaken off an opening drop to trade modestly in the green, the benchmark EGX30 up 0.27 per cent at 4,963 points an hour into Sunday's session.
The broader EGX70 is up 0.34 per cent.
The EGX30 saw a plunge in the opening 10 minutes due to the performance of real estate giant, the Talaat Moustafa Group (TMG).
TMG tumbled 7 per cent after a panel of judges said a court should cancel a 2011 ruling that had settled a dispute over the company's flagship development.
The court battle, over the sale of state land near Cairo for TMG's $3 billion Madinaty development, sparked a crisis in Egypt's property sector.
TMG shares were temporarily suspended shortly after the start of trading when the sharp drop took them beneath a stock exchange trading limit.

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