GB Auto, Egyptian Co. for Mobile Services May Move: Egypt Equity Preview
The following companies may rise or fall in Egypt’s stock market. Stock symbols are in parentheses and prices are from the last close.
The benchmark EGX30 Index gained 0.1 percent to 6,815.04 in Cairo.
GB Auto (AUTO EY): The Middle East’s biggest independent car maker, was cut to “sell” from “neutral” at investment bank EFG-Hermes Holding SAE, which cited the weakening Egyptian pound, high financing costs and “supply constraints” in Iraq and Egypt. The shares gained 1.6 percent to 49.93 Egyptian pounds.
Egyptian Co. for Mobile Services (EMOB EY): Egypt’s biggest mobile-phone network operator by subscribers will report its third-quarter earnings today after markets close. Net income for the period was 387 million Egyptian pounds ($67 million), according to the median estimate of five analysts compiled by Bloomberg. The shares climbed 2.1 percent to 182.81 pounds.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.
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