Egypt Stocks: Alexandria Portland Cement, Talaat Moustafa Group

Egypt’s benchmark EGX 30 Index (EGX30) declined 0.8 percent to 5,438.38 at the 2:30 p.m. close in Cairo, the lowest level since June 8.

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

Alexandria Portland Cement Co. (ALEX EY) declined 1 percent to 15.08 Egyptian pounds, the lowest level in almost three months. The Alexandria-based unit of Greece’s Titan Cement Co SA said the board approved a 400 million pound ($67 million) loan to its subsidiary Beni Suef Cement Co.

Talaat Moustafa Group (TMGH) Holding, Egypt’s biggest publicly traded property developer, fell 2.4 percent, the most since June 2, to 4.94 pounds. The cost of its Madinaty project rose to 99 billion pounds compared with the company’s estimate of 47.9 billion pounds in 2005 when it bought the land, Al Mal newspaper reported, citing deputy chief financial officer Tarek El Naggar. Talaat Moustafa will invest 6 billion pounds in the project by the end of the year, Al Mal said.

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

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.