By Robert Adungo
The ongoing political crisis in Egypt has had an impact on UK companies operating in the travel sector, with those listed on the stock exchange suffering share falls, it has been revealed.
According to the BBC, shares in UK-listed travel firms and airlines have been affected, with Thomas Cook seeing a fall of 4.7 per cent, while BA and Iberia’s airline group, IAG, suffered a 2.6 per cent decline.
Protestors have been on the streets of Egypt’s cities over the last few days demanding the departure of president Hosni Mubarak, who has been in power for the last three decades.
The situation has disrupted holidays, forcing some companies to make arrangements to repatriate British holidaymakers, while many of those who had booked trips have cancelled their plans.
After cancelling flights to the Egyptian city of Luxor, TUI Travel, which owns Thomson holidays, saw its shares slump by 2.7 per cent, the news provider added.
Meanwhile, the ratings agency Moody’s Investors Service has downgraded Egypt’s government bond ratings and changed outlook from stable to negative.
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