Al Baraka, Eastern, Ezz Steel, GB Auto: Egyptian Equity Preview
The following companies may be active in Egypt’s stock market. Symbols are in parentheses and prices are from last close.
The benchmark EGX30 Index dropped 2 percent to 4,701.08 in Cairo.
Al Baraka Bank Egypt (SAUD EY): The Cairo-based Islamic lender said first-half profit rose to 64 million Egyptian pounds ($10.7 million) from 62.6 million pounds a year earlier. The shares retreated 2.3 percent to 9.78 pounds.
Eastern Co. (EAST) : Egypt’s monopoly cigarette maker was initiated with a “hold” recommendation and a share-price estimate of 123 pounds at Cairo-based investment bank Beltone Financial Holding SAE. The shares rose 0.9 percent to 106.97 pounds when they last traded on Aug. 2.
El Ezz Aldekhela Steel (IRAX EY): The Alexandria-based producer of the metal majority-owned by Ezz Steel (ESRS) said profit rose 16 percent to 668.7 million pounds in 2010 from a year earlier. The shares fell 0.4 percent to 641.44 pounds when they last traded on July 21 before being suspended pending the release of earnings results.
Ezz Steel (ESRS EY): Egypt’s biggest publicly traded steel producer said profit jumped to 252 million pounds in 2010 from 88 million pounds a year earlier. The shares declined 0.8 percent to 8.58 pounds.
GB Auto (AUTO EY): The biggest independent car assembler in the Middle East said its second-quarter profit fell 35 percent to 50.5 million pounds from a year earlier. The shares fell 2.4 percent to 30.54 pounds.
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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