Abu Kir, Maridive, Orascom Telecom: Egypt Equity Market Preview

Aug. 15 (Bloomberg) -- The following companies may rise or fall in Egypt’s stock market. Stock symbols are in parentheses and prices are from the last close.

Egypt’s benchmark EGX30 Index dropped 1.6 percent to 6,333.14.

Abu Kir Fertilizers & Chemical Industries Co. (ABUK EY): Egypt’s biggest publicly traded maker of fertilizers said its profit for the year that ended in June rose 7.7 percent to 1.17 billion Egyptian pounds ($210 million). The shares gained 2.2 percent to 197.15 pounds.

Maridive & Oil Services SAE (MOIL EY): The Cairo-based marine and oil-support-services company said in a regulatory filing its first-half profit plunged 50 percent to $26.4 million. The shares were unchanged at $2.6.

Orascom Telecom Holding SAE (ORTE EY): Egyptian billionaire Naguib Sawiris is in talks to sell Wind Telecomunicazioni SpA and a majority stake in Orascom Telecom, the Middle East’s largest mobile-phone company by subscribers, to VimpelCom Ltd., two people familiar with the matter said. The shares rose 1.6 percent to 5.13 pounds.

Oriental Weavers Co. (ORWE EY): The biggest machine-made rug maker in the world posted an 8 percent decline in second-quarter profit to 61 million pounds on rising raw-material costs and foreign-exchange losses. The shares gained 0.1 percent to 31.57 pounds.

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.