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Fertilizer shares slide

Fertilizer shares slide

Fertilizer stocks fell by more than 5% at the close of trading after the government increased its cut to natural gas supplies for the sector from 20% to 33%, amid concerns about declining production and profits. MOPCO shares fell 5.8%, Abu Qir Fertilizers dropped 5.7%, and Fertchem Egypt lost 4.6%, while Kima shares declined 1.5%. The government said the cuts were due to the rising cost of importing gas and higher global prices.

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