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Egyptian Stocks: Ezz Steel and Sidi Kerir Petrochemicals

Jan. 31 (Bloomberg) -- Egypt’s benchmark EGX30 Index rose 2.6 percent to 4,648.13 at the 2:30 p.m. close in Cairo, the highest in more than four months. The measure has soared 28 percent this month, after declining 49 percent last year.

The following were among active stocks on the Egyptian Exchange today. Stock symbols follow company names.

Ezz Steel (ESRS EY) climbed 4.8 percent to 5.64 Egyptian pounds, the highest close in more than two months. Egypt’s biggest publicly traded steel producer said sales for the nine months that ended Sept. 30 increased 22 percent to 14.2 billion pounds ($2.4 billion). Earnings before interest, taxes, depreciation and amortization gained 20 percent to 1.9 billion pounds.

Sidi Kerir Petrochemicals Co. (SKPC EY) fell for a second day, losing as much as 1.4 percent to 13.7 pounds before closing at 13.84 pounds. The Egyptian chemicals producer was cut to “neutral” from “overweight” and had its 12-month price estimate reduced 20 percent to 13.60 pounds at AlembicHC.

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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