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Egyptian Stocks: Commercial International Bank and El Sewedy

Egypt’s benchmark EGX30 Index (EGX30) decreased 1.1 percent to 4,683.87 at the 2:30 p.m. close in Cairo, the lowest level since April 18. The gauge’s 5.8 percent drop over the last three days is the biggest since March 13.

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

Commercial International Bank SAE (COMI) , the country’s biggest publicly traded lender by assets, lost 1.1 percent to 24.29 Egyptian pounds, the lowest level since April 11.

The central bank lowered this week the local-currency reserve requirement to free up funds for lenders. Banks have been the biggest buyers of government debt since the start of 2011.

El Sewedy Electric Co. (SWDY) decreased 1.4 percent to 21.51 pounds, the lowest level in almost four weeks. Egypt’s biggest publicly traded manufacturer of electric cables is scheduled to report first-quarter results tomorrow before the market opens.

Beltone Financial Holding (BTFH) SAE estimates a profit of 170 million pounds ($28 million), while EFG-Hermes Holding SAE expects 116 million pounds, according to data on Bloomberg. The company reported a profit of 182.8 million pounds 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

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