Egypt's index falls

Orascom Telecom, the largest Arab mobile operator by subscribers, extended declines on Sunday, weighing on Egypt's market, after it said it might sell two of its information technology subsidiaries. Shares of Orascom Telecom, the worst performers on the CASE30 index over the past five sessions, shed 4.5 percent to 19.32 Egyptian pounds ($3.45).
Shares of Orascom have lost more than a third of their value this year. The firm said on Sunday it was studying an offer to sell two of its information technology subsidiaries to its Egyptian unit, Mobinil. Orascom, which has not bought back its own shares under previous share repurchase programs, asked regulators earlier this month to approve a further buyback, which the stock exchange has said would be for 27.3 million shares.