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Article: NEWS IN BRIEF.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Egypt's stocks drop 3.4 percent, Mobinil weighs Egypt's benchmark index drops 3.4 percent, with Mobinil falling a day after reporting a decline in third quarter net profit to LE 497 million ($91 million), at the low end of analyst expectations. Mobinil said on Monday that its third quarter net profit fell 8.1 percent from a year earlier, after its market saw "very aggressive" price competition. Mobinil shares lose 2.8 percent. Heavyweight Orascom Telecom, a main shareholder in Mobinil, drops 1.7 percent. Orascom Construction sheds 4.8 percent. "Investors' confidence is shaking. All prices are going down globally," said Osama Mourad of Arab Finance Brokerage. The EGX30 ...