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Egyptian Stocks: CIB, Credit Agricole and Orascom Telecom

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May 28 (Bloomberg) -- Egypt’s benchmark EGX30 Index fell 1.3 percent to 4,738.10, the lowest level since April 19, at the 2:30 p.m. close in Cairo.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names.

Commercial International Bank Egypt SAE (COMI EY), Egypt’s biggest publicly traded lender, declined 2.2 percent to 24.57 Egyptian pounds, the lowest since April 19. Credit Agricole Egypt (CIEB EY) retreated 3.8 percent, the most since April 8, to 8.86 pounds. Suez Canal Bank (CANA EY) fell 1.2 percent to 3.97 pounds, the lowest level since Bloomberg started tracking the data in February 1997. Egypt cut the local-currency reserve requirement for banks by 2 percentage points to 10 percent, the second reduction this year, to free up funds for lenders. Banks have been the biggest buyers of local-currency government debt since the beginning of last year.

Orascom Telecom Holding SAE (ORTE EY) fell 2.5 percent to 3.12 pounds, the lowest level in almost a week. An Algerian appeals court upheld a $1.3 billion fine against Djezzy, the local unit of North Africa’s biggest mobile phone company, for violating foreign exchange regulations. Orascom said it’s taking steps to appeal the verdict with Algeria’s Supreme Court.

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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