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| Egypt shares slide, TMG hit by results |
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| Written by Egypt News | |
| Thursday, 14 May 2009 | |
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Egypt's main share index retreated by 1 percent on Wednesday, led lower by Talaat Moustafa Group (TMG) which dipped after announcing a slide in earnings. The real estate developer announced net income fell 26 percent in the first quarter of 2009, sending its shares down 7.1 percent to end at 4.86 Egyptian pounds ($0.87).
"The results played a big part in (Talaat Moustafa's slide) this afternoon, along with profit taking," said Sara Shadid of CIBC Brokerage, adding that investors had booked profits across the board after the market's recent rise. The benchmark EGX 30 index finished down 61.29 points, or 1 percent, at 5,686.65 points. "For the market to be able to continue to go up it is healthy that we have some profit-taking now," said Yasser Hassanein of Dynamic Securities.
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