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Egypt stocks continue to slide on Altimo's pullout from OT deal EGX30 sheds 1.3 percent in wake of Russian telecom giant Altimo's withdrawal from planned acquisition deal for Egypt's Orascom Telecom
Egypt stocks slipped for the second consecutive session on Monday, as domestic investors continued to suffer the negative effects of the withdrawal of Russian telecom giant Altimo from a planned acquisition deal for Egypt's Orascom Telecom (OT). The main EGX30 index shed 1.3 percent to alight at 5,305 points one day after Egypt's High Constitutional Court (HCC) ruled that some articles of the law regulating elections of the Shura Council (the upper house of Egypt's parliament) were in violation of the constitution. The Shura Council, however, which has enjoyed legislative authority since the dissolution last year of parliament's lower house, is expected to continue exercising its legislative duties in spite of the HCC verdict. The broader EGX70 index, meanwhile, declined by 0.9 percent for the day, which saw a total turnover of LE317 million. Egyptian investors ended the trade session as net sellers at some LE10.3 million, while foreign investors represented net buyers at some LE11.3 million. Most heavyweight shares lost value on Monday, led by OT (down 2.5 percent), Orascom Construction Industries (down 0.3 percent) and Commercial International Bank (down 0.7 percent). Earlier on Monday, Dutch-listed OCI NV announced that it had formally submitted its updated documentation to the Egyptian Financial Supervisory Authority with a view to launching a tender offer for all its subsidiary OCI shares on the Egyptian Stock Exchange. OCI shareholders will have the option of converting their OCI stock into OCI NV shares or receiving a cash payout at LE255 per share. Bellwether property shares Talaat Mostafa Group, Palm Hills and SODIC all fell for the day, shedding 1.4, 2.2 and 2 percent respectively. http://english.ahram.org.eg/News/73093.aspx
