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Egyptian Stocks: Arabia Investments and Egyptian Resorts

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Aug. 8 (Bloomberg) -- Egypt’s benchmark EGX30 Index retreated 2 percent to 4,701.08 at the 1:30 p.m. close in Cairo, the lowest level since April 2009.

The following shares rose or fell. Symbols are in parentheses.

Arabia Investments & Development & Financial Investments Holding Co. (AIND EY) declined 4.1 percent to 70 piasters, the lowest level in more than two months. The Cairo-based company said it met its target of buying back 22.3 million of treasury shares in the period that ended Aug. 6.

Egyptian Resorts Co. (EGTS EY) retreated 3.7 percent to 1.04 Egyptian pounds, the lowest level since July 12. The Red Sea resorts developer said its land in the resort of Sahl Hasheesh is 8 million square meters bigger than first surveyed. The company, which agreed to buy the land from the government for $42.4 million, had paid $7.57 million as of March 31.

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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