Egypt Stocks: Maridive & Oil Services, Misr Beni Suef Cement

Egypt’s benchmark EGX 30 Index (EGX30) lost 2.4 percent to 4,233.22 at the 2:30 p.m. close in Cairo, the lowest level since April 2009.

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

Maridive & Oil Services SAE (MOIL) dropped 6.9 percent to $2.04, the lowest level since February 2009. The price of oil fell below $80 per barrel last week for the first time since Aug. 9. amid concern the global economy is headed for recession.

Misr Beni Suef Cement Co. (MBSC) declined 3.2 percent, the most since May 30, to 60 pounds. The Egyptian producer of the building material said shareholders approved increasing the company’s paid-up capital to 500 million Egyptian pounds ($84 million) from 400 million pounds. The company will use its reserves to finance the increase.

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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