Telecom Egypt, Amoc, Pioneers Holding: 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 lost 0.4 percent to 4,624.46 in Cairo.

Alexandria Mineral Oils Co. (AMOC) : The Egyptian chemicals producer, also known as Amoc, will be cut from the Morgan Stanley Capital International Egypt Index as of Aug. 31. The shares advanced 0.1 percent to 77.95 Egyptian pounds.

Medinet Nasr Housing (MNHD) : The Cairo-based real-estate developer said six-month profit fell 53 percent from a year earlier to 20.5 million pounds ($3.4 million). The shares retreated 0.2 percent to 15.95 pounds.

Pioneers Holding (PIOH EY): The board of directors of the Cairo-based investment bank approved selling treasury shares representing 3 percent of the firm’s capital to an investor. The shares fell 1.4 percent to 4.91 pounds.

Telecom Egypt (ETEL) : The Arab country’s monopoly fixed- line telephone service provider had its share-price estimate cut to 18 pounds from 19.9 pounds at Nomura Holdings Inc. The shares dropped 1.7 percent to 14.74 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

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.