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Egypt Stocks: Arab Cotton, Arabiyya, Egyptian Kuwaiti, Mobinil

Dec. 16 (Bloomberg) -- Egypt’s benchmark EGX30 Index declined for a second day, dropping 0.6 percent to 6,904.4 at the 2:30 p.m. in Cairo, trimming the gain for the week to 0.5 percent.

The following stocks rose or fell in Egypt. Symbols are in parentheses.

Arab Cotton Ginning (ACGC EY) lost 1.7 percent to 4.72 Egyptian pounds, the lowest level in three months. The Cairo-based textile producer said it will shut down one of its plants because of a shortage in cotton supplies.

Arabiyya lel Istithmaraat (AIND EY) retreated 1 percent to 96 piasters, the lowest since Nov. 10. The Cairo-based investment company canceled a plan to buy 85 percent of the Egyptian department-store chain Omar Effendi because of “unacceptable” findings in its due-diligence exercise.

Egyptian Kuwaiti Holding Co. (EKHO EY) increased 1.8 percent to 1.74 pounds, the highest since Nov. 21. Emirates Telecommunications Corp. may buy about 40 percent of Kuwait’s Zain, less than earlier planned, according to two people with knowledge of the talks. The size of the purchase was reduced after a Zain shareholder decided not to sell shares, one of the people said, declining to be identified because the discussions are private.

Egyptian Kuwaiti’s parent company, Alkhair National Stocks Co. owns a 13 percent stake in Zain, according to Bloomberg data. Ahmed El Bassiouny, the private equity firm’s senior vice president for investment, didn’t return a message left at his office.

Egyptian Co. for Mobile Services (EMOB EY) fell 2.5 percent to 162.07 pounds, the lowest level since July 29. Egypt’s biggest mobile-phone network operator by users that’s also known as Mobinil hired Kais Ben Hamida as chief financial officer to replace Khalid Ellaicy. Ben Hamida had participated in France Telecom’s stake acquisition in Mobinil in 1998.

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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