Monday 7 February 2011

NBK Capital Puts Egypt Forecasts on Hold Amid Unrest - Bloomberg

NBK Capital, a regional investment management company, has put its recommendations for Egyptian stocks under review, citing political instability in the North African country.

“Given that the situation is becoming increasingly erratic, we emphasize that our forecasts for Egyptian equities do not hold anymore,” NBK Capital’s Middle East and North Africa research team said in a note to clients dated Jan. 30.

NBK Capital had a “buy” recommendation on Ezz Steel, Egypt’s biggest producer of the metal and rated Orascom Construction Industries “hold.” It had an “accumulate” on Telecom Egypt, the country’s monopoly fixed-line operator, and on Oriental Weavers Co.

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