Egyptian Stocks: Palm Hills Developments, Oriental Weavers

Egypt’s benchmark EGX 30 Index (EGX30) dropped 2.5 percent to 4,023.45 at the 2:30 p.m. close in Cairo, matching an eight-day losing streak from July.

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

Palm Hills Developments SAE (PHDC) declined 3.2 percent to 1.20 pounds, the lowest level in more than five weeks. The Egyptian luxury real-estate developer said an appeal of a verdict to strip it of a land plot it had bought from the government was referred to a judiciary panel.

Oriental Weaver Carpets Co. (ORWE EY) fell to the lowest level in more than a month, losing 2.9 percent to 30 pounds. The world’s biggest machine-made carpet manufacturer said its nine- month profit dropped 23 percent to 185.5 million pounds compared with 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

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.