Egyptian Stocks: EFG-Hermes Holding and Maridive & Oil Services

Egypt’s benchmark EGX30 Index (EGX30) dropped 1.3 percent to 4,625.62 at the 2:30 p.m. close in Cairo, the lowest level in almost two months.

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

EFG-Hermes Holding SAE (HRHO) jumped by the daily limit 9.9 percent to 12.06 Egyptian pounds before closing at 11.01 pounds, the highest level in more than a week. The biggest publicly traded Arab investment bank rejected a $1.1 billion bid from Planet IB Ltd., backed by billionaire Naguib Sawiris, in favor of a venture with Qatar’s QInvest LLC.

Maridive & Oil Services SAE (MOIL EY), a Cairo-based offshore services company, declined as much as 4.6 percent to $1.04, before closing at $1.06, the lowest since May 30. Oil for July delivery on the New York Mercantile Exchange lost 3.8 percent to $83.23 a barrel on June 1, the lowest level in almost eight months.

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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