CAIRO, May 28 (Reuters) - Egyptian share indexes dipped on Thursday, led by a decline on Orascom Telecom after Egypt's market regulator rejected a France Telecom bid for mobile operator Mobinil.
France Telecom and Orascom Telecom (OT) are the main shareholders in Mobinil, which has been the subject of a legal dispute between the two firms.
"Since the announcement yesterday that the deal got rejected, we've been seeing selling pressure," said Wafik Dawood of Naeem Brokerage.
France Telecom has since said it might reduce its investments in Egypt, which added to the negative sentiment in the market, Dawood said.
Shares in OT lost 6.8 percent to 32.60 Egyptian pounds ($5.80) per share, while Mobinil shares dipped 1.7 percent to 190.90 pounds.
Dawood added that declines on global markets also contributed to a drop on Egyptian shares, as foreign and institutional investors sold shares.
Global shares fell from recent 2009 highs on Thursday as government bonds tumbled around the world, dragged down by investor concern about mounting Western government debt.
Shares in market heavyweight Orascom Construction Industries fell 4.5 percent to 202.27 pounds.
The benchmark EGX 30 index fell 3.48 percent to 5,665.32 points, while the broader EGX 70 index lost 2.1 percent to 571 points. ($1 = 5.6223 Egyptian pounds) (Writing by Aziz El-Kaissouni)