Egyptian Stocks: Arab Polvara, Beltone Financial, Palm Hills

Egypt’s benchmark EGX30 Index (EGX30) rose for the third time in four days, gaining 0.1 percent to 5,224.89 at the 2:30 p.m. close in Cairo.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names.

Arab Polvara Spinning & Weaving Co. (APSW) lost the most in more than two months, slumping 3.3 percent to 2.35 Egyptian pounds. The Alexandria, Egypt-based textiles manufacturer closed its factories and administrative offices from yesterday to March 1 because of worker strikes demanding higher pay.

Beltone Financial Holding (BTFH) dropped 3.3 percent, the most in more than a week, to 12.08 pounds. The Cairo-based investment bank sold a 9.05 percent stake to SOS Holding at 12.5 pounds a share. The bank announced two other sales this month which valued the shares at 13.87 pounds on Feb. 8 and 13 pounds on Feb. 19. It also put its brokerage business for sale.

Palm Hills Developments SAE (PHDC) fell for the first time in four days, declining 0.9 percent to 2.27 pounds. The Egyptian luxury real-estate developer said market speculation that it is negotiating to sell a stake to a foreign investor is “unfounded.”

To contact the reporter on this story: Ahmed A Namatalla in Cairo at

To contact the editor responsible for this story: Claudia Maedler at

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.