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Egypt Stocks: Amer Group, Al Arafa Investments, EFIC, Palm Hills

Egypt’s benchmark EGX 30 Index (EGX30) lost 3.2 percent, the most in almost two weeks, to 4,593.39 at the 1:30 p.m. close in Cairo.

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

Amer Group Holding (AMER) , a Cairo-based resorts developer, retreated 2.5 percent to 1.15 Egyptian pounds, the lowest level in more than three months. An Egyptian government agency said tourist arrivals dropped 29 percent in June from a year-earlier.

Al Arafa Investments & Consulting (AIVC EY) declined 3.7 percent, the most since Aug. 9, to 52 cents. Protesters staged a sit-in demonstration outside the Israeli embassy in Cairo for a third day, demanding the expulsion of the ambassador, a review of the peace accord between the two nations and the suspension of economic ties including the so-called Qualified Industrial Zones agreement.

Egypt’s biggest clothing exporter benefits from manufacturing in the zones, which allows it duty-free access to the U.S. market provided its products have Israeli input.

Egyptian Financial & Industrial Co. (EFIC) retreated 3.4 percent to 12.21 pounds, the lowest level since May 8. The Arab country’s biggest publicly traded phosphate-based fertilizer producer had its share price estimate cut 17 percent to 17.87 pounds at Cairo-based Beltone Financial Holding SAE. The investment bank maintained its “buy” recommendation.

Palm Hills Developments SAE (PHDC) fell 3.8 percent to 1.77 pounds, the lowest since May 16. The Cairo-based luxury real-estate developer reported a six-month loss of 81.4 million pounds ($13.6 million) after a profit of 191.4 million pounds a year earlier.

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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