Egyptian Stocks: EFG-Hermes, Faisal Islamic Bank of Egypt, Remco

Egypt’s benchmark EGX 30 Index fell for the fourth time in five days, declining 0.5 percent to 5,414.84 at 11:28 a.m. in Cairo.

The following shares rose or fell in Cairo. Symbols are in parentheses.

EFG-Hermes Holding SAE (HRHO EY) declined 3.1 percent to 20.41 Egyptian pounds, the lowest intraday level in almost two weeks. Egypt’s biggest publicly traded investment bank bought back 391,000 shares. EFG-Hermes had planned to buy back as many as 5 million shares in a program that ended June 2.

Faisal Islamic Bank of Egypt (FAITA) rose 1 percent to 20 pounds, heading for the highest close since April 12. The country’s oldest Sharia-compliant lender said its first-quarter profit rose 73 percent to 53.4 million Egyptian pounds from the year-ago period. The bank’s dollar-denominated shares gained 1.1 percent to $3.58.

Remco for Touristic Villages Construction (RTVC) advanced for the first time in three days, gaining 2.3 percent to 3.11 pounds. The Egyptian resorts developer is in talks to sell three hotels in Hurgada and Sharm El Sheikh with a likely value of 1.55 billion pounds ($261 million), Al Mal reported, citing Vice Chairman Onsi Youssef.

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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