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.