Egyptian Stocks: Orascom Telecom, Talaat Moustafa, Maridive
Egypt’s benchmark EGX 30 Index (EGX30) retreated 2.7 percent to 4,180.82 at the 2:30 p.m. close in Cairo, the biggest decline in more than a month.
The following shares rose or fell. Symbols are in parentheses.
Maridive & Oil Services SAE (MOIL) dropped 4.4 percent to $1.75, the lowest since November 2008. The Egyptian marine and oil support services provider said nine-month profit fell 14 percent from a year earlier to $44.5 million.
National Development Bank (DEVE EY) decreased 4.4 percent to 2.85 Egyptian pounds, the biggest decline since Sept. 28. The Cairo-based unit of Abu Dhabi Islamic Bank said its nine-month loss widened to 424.5 million pounds ($71 million) from 358.9 million pounds a year earlier.
Orascom Telecom Holding SAE (ORTE) fell 2.5 percent to 3.12 pounds, the lowest close since September 2004. Africa’s biggest mobile-phone company reported a loss attributable to shareholders of $975,000 after a profit of $939.2 million a year earlier.
Talaat Moustafa Group (TMGH) Holding plunged 5.6 percent, the most since April 26, to 3.22 pounds. Egypt’s biggest publicly traded real-estate developer said nine-month profit dropped to 493.7 million pounds from 863.6 million pounds a year earlier.
Telecom Egypt (ETEL) Co retreated 2.2 percent to 14.2 pounds, the lowest close since February 2009. The Arab country’s monopoly fixed-line telephone company said third-quarter profit fell 21 percent from a year earlier to 622.3 million pounds.
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