Egyptian Stocks: Talaat Moustafa, Orascom Telecom and Maridive
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Maridive & Oil Services SAE (MOIL) dropped 4.4 percent, the most in more than a month, to $1.73. The marine and oil- support services provider had its share price estimate cut 20 percent to $1.85 at Beltone Financial Holding. (BTFH)
Orascom Telecom Holding SAE (ORTE) climbed 5.5 percent to 4.39 Egyptian pounds, the highest level since April 2010. Investors speculated the Algerian unit of North Africa’s biggest mobile-phone company is nearing acquisition by the country’s government. Orascom said in a filing there were “no material developments” in the negotiations.
Talaat Moustafa Group Holding (TMGH) fell 2.6 percent, the most in more than two weeks, to 4.93 pounds. Egypt’s biggest publicly traded real-estate developer said 2011 profit fell 39 percent to 577.5 million pounds from year earlier.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com