Egypt Stocks: Ezz Steel and Faisal Islamic Bank Were Active
Egypt’s benchmark EGX30 Index fell 0.4 percent to 7,128.96, the lowest since Jan. 3, at the 2:30 p.m. close in Cairo.
The following stocks rose or fell in Egypt. Symbols are in parentheses.
Ezz Steel (ESRS EY) rose 1.4 percent to 21.35 Egyptian pounds, the highest since May 13. Investors are speculating Egypt’s biggest steel manufacturer will report improved fourth- quarter earnings.
“Ezz has been able to negotiate down the price of iron ore and steel prices have risen 7 percent quarter-on-quarter so investors are expecting strong fourth quarter results,” said Omar Taha, research analyst at Cairo-based Beltone Securities Brokerage.
Faisal Islamic Bank Egypt (FAITA EY) gained as much as 0.8 percent to $3.93, before closing at $3.91. The Cairo-based lender may start offering an auto financing program this year, Al Mal newspaper reported, citing governor Abdel Hamid Abu Mousa.
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