Cairo-Mubasher: NBK Capital, the investment arm of National Bank of Kuwait (NBK), reiterated the fair value of Global Telecom at $2.8, with a 'Hold' recommendation.

The company's revenues declined by 13% year-on-year to $730 million in Q3-15, 3% short of the research firm's $754 million estimate.

The firm posted net losses of $27 million for the first nine-month of 2015, compared with $290 million a year earlier.

Overall, there were no major surprises and the results were in line with forecasts for the company, NBK Capital said.

At 1:00pm Cairo time, the stock dropped 2.78% to around $1.75.