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Orascoms plunge on results, drag down Egypt index

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 23.80 pounds ($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 137 pounds. 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.
"These are good results, but not spectacular," Ismail Sadek, analyst at Beltone Financial, said of Orascom Construction. "The fourth quarter should be lower than the third quarter because of market turmoil."
The Hermes index fell 7.53 percent to 393.07 points, and the broader CIBC index retreated 7.75 percent to 278.6 points.
EGYPT NEWS