CAIRO: Orascom Telecom and Orascom Construction Industries shares plunged on Tuesday after both firms missed third-quarter profit forecasts, dragging down Egypt s index.
The CASE 30 index fell 7.78 percent to 4,205.99 points, the lowest in over 3 years.
Shares of Orascom Telecom, the largest Arab mobile operator by subscribers, tumbled 14.02 percent to LE 23.80 ($4.30), its sharpest single-day drop in nearly two years. Orascom Telecom, the fourth-worst performer on the CASE 30 index this year, has fallen more than 70 percent since January.
The company posted a 28 percent decline in third-quarter net profit, falling short of analysts expectations.
A higher-than-expected foreign exchange loss hit profits, said Marise Ananian, an analyst at EFG-Hermes.
Shares of Orascom Construction, down about 50 percent this year, tumbled 13.47 percent to LE 137. Third-quarter profit at Egypt s largest builder by market value jumped nearly fourfold but still missed forecasts.
Banks including EFG-Hermes and Beltone Financial had expected higher revenues from construction contracts.
The Hermes index fell 7.53 percent to 393.07 points, and the broader CIBC index retreated 7.75 percent to 278.6 points.
