Egypt Stocks: Advanced Pharmaceutical Packaging and Ezz Steel

Egypt’s benchmark EGX30 Index dropped for a second day, declining 0.1 percent to 7,073.12 at the 2:30 p.m. close in Cairo, the lowest in almost a week. The gauge climbed 15 percent in 2010.

The following stocks rose or fell in Egypt. Symbols are in parentheses.

Advanced Pharmaceutical Packaging Co. (APPC EY) lost 3.3 percent, the most in almost two months, to 32.35 Egyptian pounds. Egypt’s financial regulator rejected the Cairo-based company’s application to raise its capital to finance the purchase of a stake in another medical packaging company because the valuation of the acquisition target wasn’t conducted by an independent firm.

Ezz Steel (ESRS EY) rose to the highest since Oct. 25, gaining 0.5 percent to 19.65 pounds. Egypt’s biggest producer of the metal plans to complete a $400 million plant this year to boost profit margins by producing steel using iron ore instead of scrap metal, said Kamel Galal, head of investor relations.

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