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Egypt Stocks: Ezz Steel, Amer Group and Arab Cotton Ginning

Sept. 14 (Bloomberg) -- Egypt’s benchmark EGX 30 Index slumped 1.2 percent to 4,485.04, the lowest level since Aug. 9, at the 2:30 p.m. close in Cairo.

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

Amer Group Holding (AMER EY), an Egyptian resorts and restaurants developer and operator, retreated 1.6 percent to 1.24 Egyptian pounds, the lowest level in more than three weeks. August tourist arrivals in the country were down 21 percent from a year earlier.

Arab Cotton Ginning (ACGC EY) tumbled 5.2 percent, the most in almost six months, to 3.81 pounds. The Cairo-based textiles manufacturer cut its dividend to about one-fifth of last year’s payout.

Ezz Steel (ESRS EY) declined 2.3 percent to 8.23 pounds, the lowest since Aug. 24. Egypt’s biggest manufacturer of the metal had its share-price estimate cut 9 percent to 11 Egyptian pounds at EFG-Hermes Holding SAE because of the Arab country’s recent tax hike, higher labor costs and delays to the start of a new plant. The investment bank’s recommendation on the stock was maintained at “buy.”

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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