CAIRO: Egypt’s main index, EGX30, dipped, with property developer Talaat Moustafa Group reversing earlier gains to drop 0.3 percent.
On Saturday, an Egyptian court delayed a hearing on whether the government must auction state land that was sold directly to TMG for its flagship Madinaty project.
But traders said the developer may gain in the coming days after President Hosni Mubarak said in a speech on Sunday that he looked forward to parliament passing a new law to protect state land from abuses.
"This (Mubarak’s speech) will certainly reflect positively on TMG stock in the coming days," said Hisham Metwalli, a broker at Arab Finance Brokerage.
Arafa Holding, Egypt’s biggest garment exporter, jumped 3.1 percent after it reported that its net profit more than doubled in the nine months from February to October. The index slipped 0.3 percent.
