Mubasher: Sidi Kerir's (SKPC) financial results for the third quarters created a justified pressure on share price, according to a report by Pharos Research.

By falling 8% to EGP 12.95 on Tuesday, the stock quote implies multiples of P/E2016e 10.0x (well below global peers’ average) and P/B 3.0x.

Moreover, the research agency has set the stop-loss level below EGP 12.35, indicating the decline came very high in volumes that put the price at EGP 12.70 a share.

In case the mark of 12.70 is broken downward, the stock is likely to reach around EGP 11.50 a share, the research firm expected.

Therefore, Pharos advises traders to place their stop below EGP12.35, since selling pressures are to increase if the former mark is violated.

Net profits for the third quarter decreased 45% year-on-year to EGP 133.5 million from EGP 243.2 million, the unaudited results revealed.

In the first nine months, the company registered EGP 543.2 million, down 18.3% from EGP 664.98 million for the year-ago period.

The company's nine-month revenues went up 9.7% year-on-year to EGP 2.24 billion from EGP 2.04 billion.