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Medinet Nasr Housing Drops as CI Capital Cuts Shares to ‘Hold’

Nov. 3 (Bloomberg) -- Medinet Nasr Housing, an Egyptian real estate developer, headed for the biggest loss in almost a month as CI Capital cut the stock’s recommendation to “hold” from “buy.”

Shares of the Cairo-based company declined 2.8 percent to 12.62 Egyptian pounds at 10:36 a.m. in Cairo, poised for the biggest daily loss since Oct 4. The stock was suspended today by the Egyptian exchange pending a response to unspecified questions. The benchmark EGX 30 Index advanced 0.1 percent.

The company’s share price estimate was reduced to 15.3 pounds from 38.9 pounds, the Cairo-based brokerage said in a research note today.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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