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Ezz Steel, Orascom Construction, Pioneers: Egypt Equity Preview

June 29 (Bloomberg) -- The following companies may be active in Egypt’s stock market. Symbols are in parentheses and prices are from the last close.

The benchmark EGX30 Index advanced 0.3 percent to 5,393.44 in Cairo.

Ezz Steel (ESRS EY): Egypt’s biggest steel producer had its price estimate cut 8 percent to 10.9 Egyptian pounds at Morgan Stanley, which cited a delay in the start-up of a direct-reduced iron plant. The recommendation was maintained at “equal-weight.” The shares gained 0.9 percent to 11.37 pounds.

Orascom Construction Industries (OCIC EY): The nation’s biggest publicly traded builder said it has bought back 440,000 global depositary receipts trading in London since June 14. The board approved the share buyback from June 14 to July 13 as part of the company’s decision in February to purchase as much as 6.27 million shares, Orascom said June 9. The shares advanced 0.1 percent to 268.31 pounds.

Pioneers Holding (PIOH EY): The Egyptian investment bank said first-quarter profit rose to 25.2 million pounds from 370,148 pounds a year earlier. The shares jumped 5.7 percent to 4.46 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

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