CAIRO: Egypt’s benchmark index slipped 2.4 percent, with telecom shares declining after mobile operator Mobinil posted a fourth quarter net loss.
Mobinil, which dipped 1.7 percent, said last year’s political turmoil caused it to lose LE 177 million ($29 million) in the fourth quarter. A year earlier it earned a net profit of LE 342 million.
"Mobinil’s results were weaker than expected," said Mohamed Radwan of Pharos Securities.
Orascom Telecom Media Technology tumbled 6.1 percent and Orascom Telecom 4.1 percent, while Telecom Egypt, which is due to report results before the market opens on Thursday, lost 2.9 percent.
Commercial International Bank (CIB), which is due to reports its results on Wednesday evening, dropped 3.3 percent.
GB Auto advanced 1.3 percent after it announces it agreed to assemble passenger cars provided by Hong Kong-based Geely Automobile Holding Ltd and begin distributing Geely cars in North Africa.
