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Egyptian Stocks: Amer, Egyptian Gulf Bank, GB Auto, South Valley

Egypt’s benchmark EGX30 Index (EGX30) declined for the fourth time in five days, retreating 0.1 percent to 4,419.04 at the 2:30 p.m. close in Cairo. That brought the measure’s drop this week to 1.6 percent.

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

Amer Group Holding (AMER) fell 1.7 percent to 57 piasters, the lowest level in almost five months. Egypt’s regulator approved a proposal by the developer and operator of resorts and restaurants for a shareholder vote on reducing the company’s capital by eliminating treasury shares it holds.

Egyptian Gulf Bank (EGBE) climbed 2 percent, the most in more than a week, to $1.51. The Cairo-based lender received regulatory approval to call a shareholder vote on a bonus-stock distribution of 3.75 shares for every 100 shares held.

GB Auto (AUTO) gained 2.7 percent, the most in more than a month, to 20.54 pounds. The biggest independent car assembler in the Middle East said it signed an agreement to distribute China’s Westlake tires in Egypt.

South Valley Cement (SVCE) rose 2 percent, the most in two weeks, to 3.08 pounds. The Cairo-based building material producer plans to buy back 24.3 million shares.

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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