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Egypt Stocks: Ezz Steel and Arafa Investments & Consulting

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Sept. 15 (Bloomberg) -- Egypt’s benchmark EGX 30 Index dropped for a fifth day, losing 2.7 percent to 4,364.6 at the 2:30 p.m. close in Cairo, the lowest level since April 2009. The gauge declined 8.2 percent this week.

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

Al Arafa Investments & Consulting (AIVC EY) decreased 1.9 percent to 51 cents, the lowest level in more than a month. Egypt’s biggest publicly traded clothes exporter said its six-month profit plunged 78 percent to $4 million.

Ezz Steel (ESRS EY) plunged 5.1 percent to 7.81 pounds, the lowest level in almost five months. A court withdrew the steel production licenses of Egypt’s biggest publicly traded manufacturer of the metal and sentenced its former chairman Ahmed Ezz to 10 years in prison for irregularities in obtaining the licenses. The ruling is open to appeal.

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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