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Egyptian Stocks: Orascom Telecom, EFIC, El Watany Bank Egypt

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Nov. 21 (Bloomberg) -- Egypt’s benchmark EGX 30 Index slumped 4 percent to 3,860.99 at the 2:30 p.m. close in Cairo, the lowest level since March 2009.

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

Egyptian Financial & Industrial Co. (EFIC EY) dropped 5.4 percent to 9.47 Egyptian pounds, the lowest level since Oct. 10. The Arab country’s biggest publicly traded phosphate-based fertilizer producer also known as EFIC said nine-month profit retreated 27 percent from a year earlier to 43.8 million pounds ($7.3 million).

Orascom Telecom Holding SAE (ORTE EY) lost 3.9 percent to 2.95 pounds, the lowest level in more than seven years. The biggest mobile-phone company by users in North Africa said it asked the Egyptian bourse to suspend trading of its shares after the market closes on Nov. 24 to allow it to split into two companies.

El Watany Bank of Egypt (WATA EY) decreased 3.2 percent to 17.43 pounds, the lowest level in more than a month. The Cairo-based unit of National Bank of Kuwait said nine-month profit declined 44 percent from a year earlier to 191.9 million 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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