Egyptian Stocks: Amer, CIB Egypt, EFIC, Egytrans, Palm Hills
The following stocks rose or fell in Egypt. Symbols are in parentheses.
Amer Group Holding (AMER) advanced 1.7 percent to 1.21 Egyptian pounds, the highest level in almost a week. The Egyptian resorts developer said it’s canceling the third phase of its Golf Porto Marina project on the Mediterranean Sea coast because of the country’s economic downturn. The Cairo-based company will ask the Matrouh Governorate to take the land back and reimburse it.
Commercial International Bank Egypt SAE (COMI) dropped 4.4 percent to 27.37 pounds, the lowest level since December 2009. Moody’s Investors Service revised the outlook for Egyptian banks in the next 12 to 18 months to “negative” from “stable,” reflecting “elevated political uncertainty.” National Societe Generale Bank SAE (NSGB) , the country’s second-largest publicly traded lender, slid 5.8 percent, the most since March 24, to 35.09 pounds.
Egyptian Financial & Industrial Co. (EFIC) declined 7.4 percent to 12.95 pounds, the lowest level since December 2006. Egypt’s biggest publicly traded phosphate-based fertilizer producer said it had a net loss of 8.1 million pounds ($1.4 million) in 2010 after a profit of 25.6 million pounds the previous year.
Egyptian Transport and Commercial Services SAE (ETRS EY) dropped 2.6 percent to 9.61 pounds, the lowest since March 27. The Cairo-based freight services company also known as Egytrans was cut to “hold” from “buy” and had its share-price estimate reduced by 40 percent to 10.9 pounds at CI Capital because of the country’s economic downturn.
Palm Hills Developments SAE (PHDC) retreated for the fourth time in five days, losing 4 percent to 1.94 pounds. The Egyptian luxury property developer was lowered to “hold” from “strong buy” and had its share-price estimate reduced to 2.3 pounds from 7.6 pounds at CI Capital Holdings, which cited expected lower demand for real-estate and an increase in cancellations for reserved units.
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