Egyptian Stocks: Arabia Investments, Ezz Steel and Mobinil

Egypt’s benchmark EGX 30 Index (EGX30) declined 1.7 percent, the most since July 12, to 5,174.82 at the 2:30 p.m. close in Cairo.

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

Arabia Investments & Development & Financial Investments Holding Co. (AIND) dropped for the first time in four days, retreating 1.3 percent to 75 piasters. The Cairo-based company said its board recommended withholding the distribution of dividends.

Egyptian Co. for Mobile Services (EMOB EY) fell 3.9 percent to 111.41 Egyptian pounds, the lowest level since November 2008. The Arab country’s second-biggest mobile network operator by subscribers, also known as Mobinil, had its price estimate lowered to 130 Egyptian pounds from 170 pounds at UBS AG. The recommendation was maintained at “neutral.”

Ezz Steel (ESRS) lost 2.2 percent, the most since July 12, to 9.97 pounds. Egypt’s stock exchange said July 6 it gave the country’s biggest publicly traded steel manufacturer 15 days to report 2010 and first-quarter results, or face a trading suspension. Ezz still hasn’t reported.

To contact the reporter on this story: Ahmed A Namatalla in Dubai at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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