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

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.