CAIRO: Egypt’s benchmark ended down 2.2 percent, led lower by Orascom Telecom (OT) which extended losses after a report about the valuation of its Algerian unit was denied.
Tumbling global markets added pressure and one Cairo-based trader said worries about Egypt’s political outlook weighed as political parties and the ruling military council remained at odds over how to conduct a November parliamentary election.
"There are concerns over the slump in American and European markets," said trader Amal Al-Shahat of Cairo Capital Securities.
OT slipped 3.7 percent. It had surged this week when a report said its Algerian unit Djezzy had been valued at $7 billion. The unit is at the center of a dispute with Algiers which wants to buy it. Algeria denied receiving any valuation.
Mobinil slipped 3.6 percent. The company said that Yves Gauthier, who has held senior positions in units of France Telecom, one of Mobinil’s main shareholders, had been appointed the new chief executive officer replacing Hassan Kabbani.
Egyptian cable maker El Sewedy Electric gained 2.4 percent ending the session as the best performing stock.
The index ended at 4,335 points.
