Orascom Telecom (OT) led a bout of profit taking in Egyptian stocks on Sunday, traders said, after Pakistan, where OT is the major player, received strong interest in two new mobile telephone licences.
The benchmark Hermes index dropped 268.68 points, or 1.9 percent, to be last quoted at 13,625.78 points.
The broader CIBC index was last quoted down 0.31 points, or 0.4 percent, at 82.27 points.
Dealers also said the market was quiet because of European and US markets being closed on Sunday, and a lack of buying from foreign institutions to support market "blue chips" like MobiNil and OT.
Pakistan said on Thursday it had received 33 applications from local and international telecom companies for licences to operate two new nation-wide mobile phone firms.
OT runs the dominant telecom operator, Mobilink, which has about two of the three million mobile phone users in Pakistan.
OT fell 3.86 Egyptian pounds ($0.63), or 3.7 percent, to last trade at 101.01 pounds and officially close at 101.73.