Egypt Stocks: Alexandria Mineral Oils, Talaat Moustafa Group

Egypt’s benchmark EGX 30 Index (EGX30) declined for the third time in four days, retreating 0.8 percent to 5,580.96 at the 2:30 p.m. close in Cairo.

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

Alexandria Mineral Oils Co. (AMOC) lost 3.2 percent, the most in more than two months, to 67.74 Egyptian pounds. The petroleum products producer, also known as Amoc, forecast profit will drop 27 percent to 293.3 million Egyptian pounds ($49 million) in the fiscal year starting next month compared with this year.

Talaat Moustafa Group (TMGH) Holding slumped as much as 3 percent before closing 0.8 percent lower at 5.04 pounds. A Cairo court is expected to rule tomorrow on a case against the government’s land sale to the country’s biggest publicly traded property developer for its Madinety project. The court delayed the ruling from last month to allow an advisory panel of judges to issue a recommendation.

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.