By: Heba El Kordy
Cairo – Mubasher: Talaat Mostafa Holding’s (TMG) stock retreated during Wednesday’s trades to the lowest level in almost 13 months or since November 2017 on the Egyptian Exchange (EGX).
By 11:20 am Cairo time, TMG’s stock dropped 1.64% to EGP 9 after 3.5 million shares changed hands at a turnover of EGP 389,300.
In the meantime, the benchmark EGX30 index fell 0.68% to 12,539 points, its lowest level since May 2017.
Since the start of 2018, TMG’s stock has plunged by 8.16%.
Over the past two weeks, the EGX has suffered a wave of declines pressured by banking stocks, particularly its heavyweight Commercial International Bank (CIB), on the back of tax amendments to returns from bonds and treasury bills.
Last week, the Ministry of Finance (MoF) said it signed an agreement with the Federation of Egyptian Banks to implement its suggested tax amendments regarding new bond and T-bill issuances. The amendments will not be implemented retrospectively.
TMG last reported a 13% year-on-year rise in consolidated profits to EGP 1.18 billion in the first nine months of 2018, including minority shareholders’ rights, from EGP 1.05 billion.
Translated by: Nada Adel Sobhi
