Egyptian Stocks: Orascom Telecom, EFIC, El Watany Bank Egypt
Egypt’s benchmark EGX 30 Index (EGX30) slumped 4 percent to 3,860.99 at the 2:30 p.m. close in Cairo, the lowest level since March 2009.
The following shares rose or fell. Symbols are in parentheses.
Egyptian Financial & Industrial Co. (EFIC) dropped 5.4 percent to 9.47 Egyptian pounds, the lowest level since Oct. 10. The Arab country’s biggest publicly traded phosphate-based fertilizer producer also known as EFIC said nine-month profit retreated 27 percent from a year earlier to 43.8 million pounds ($7.3 million).
Orascom Telecom Holding SAE (ORTE) lost 3.9 percent to 2.95 pounds, the lowest level in more than seven years. The biggest mobile-phone company by users in North Africa said it asked the Egyptian bourse to suspend trading of its shares after the market closes on Nov. 24 to allow it to split into two companies.
El Watany Bank of Egypt (WATA) decreased 3.2 percent to 17.43 pounds, the lowest level in more than a month. The Cairo- based unit of National Bank of Kuwait said nine-month profit declined 44 percent from a year earlier to 191.9 million pounds.
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