Egyptian Stocks: Orascom Telecom, Beltone, Abu Kir Fertilizers

Egypt’s benchmark EGX30 Index retreated for the fourth time in five days, dropping 1.5 percent to 4,592.31 at the 1:30 p.m. close in Cairo. The measure has lost 8.3 percent this week.

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

Abu Kir Fertilizers & Chemical Industries Co. (ABUK EY) increased 4.8 percent, the most since March 27, to 215.49 Egyptian pounds. Egypt’s biggest publicly traded fertilizers producer said its board of directors approved distributing two free shares for every three held.

Beltone Financial Holding (BTFH) SAE fell 1.8 percent to 17.34 pounds, the lowest level in more than two weeks. The Cairo-based investment bank said it had a first-half loss of 10.2 million pounds ($1.7 million) after a profit of 10.9 million pounds a year earlier.

Orascom Telecom Holding SAE (ORTE) declined for the fourth time in five days, losing 2.7 percent to 3.22 pounds. North Africa’s biggest mobile networks operator said it had a second-quarter loss of $58.5 million without providing a comparative figure for the year-earlier period.

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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