Morgan Stanley excludes Telecom Egypt from MSCI EM index

Morgan Stanley, one of the largest financial institutions in the world, announced Wednesday it will remove Telecom Egypt from its basket of emerging market indices as of May 29, 2015.

This comes in spite of the positive results revealed this morning by Telecom Egypt, the biggest fixed-line telephone company in the country, for the first quarter business results. The Egyptian company revealed a 10 percent raise in its first-quarter consolidated profits to 605.5 million Egyptian pounds (US$79 million), from 550 million pounds for the same period a year earlier.