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Al Arafa Investments, Egyptian Resorts: Egyptian Equity Preview

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Aug. 21 (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 gained 0.4 percent to 4,747.17 in Cairo.

Al Arafa Investments & Consulting (AIVC EY): Egypt said it will recall its ambassador to Israel and has demanded an apology from the country after a border incident that killed three Egyptian solders on Aug. 18. Al Arafa, Egypt’s biggest clothing exporter, benefits from manufacturing in so-called Qualified Industrial Zones, allowing it duty-free access to the U.S. market provided its products have Israeli input. The shares were unchanged at 54 cents.

Egyptian Resorts Co. (EGTS EY): The Red Sea resorts developer was raised to “neutral” from “underweight” and had its share-price estimate set at 1.2 pounds at AlembicHC. The shares were unchanged at 1 pound.

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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