Talaat Mustafa shares plummet

Cairo: Shares in Egyptian real estate developer Talaat Mustafa ended 14.5 per cent lower Thursday after the firm's former chairman was sentenced to death for murder, driving the benchmark index lower.

Talaat Mustafa shares last traded at 4.30 Egyptian pounds (Dh2.80), still well above a year low of 2.52 pounds set in March, as retail investors sold in a panic, traders said.

The main index lost 4.68 per cent to 5,699.52 points. "It is because market sentiment is more prevalent than fundamentals," Wafik Daoud of Naeem Brokerage said of the share price move.

Mustafa was sentenced to death on yesterday for the murder of Lebanese singer Suzan Tamim.

CI Capital Research on Thursday reiterated a "strong buy" recommendation on the firm, Egypt's largest listed real estate developer by market value, with a target price of 11.5 pounds.