Egyptian Stocks: Sodic, Sidi Kerir, Raya, Orascom Development
Egypt’s benchmark EGX30 Index (EGX30) fell 1.4 percent, the most in a week, to 4,947.47 at the 2:30 p.m. close in Cairo. The gauge surged 39 percent in the first quarter, making it the region’s best performer.
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Faisal Islamic Bank of Egypt (FAIT EY) lost 2.3 percent to 21.5 Egyptian pounds, the lowest level in a week. The Cairo- based lender said 2011 profit plunged 37 percent to 195.7 million pounds ($32 million) compared with a year-earlier.
Orascom Development Holding AG (ODHN) decreased 4.1 percent to 5.82 pounds, the lowest level since Feb. 19. The Altdorf, Switzerland-based resorts developer, will get a direct loan of 75 million Swiss francs ($83 million) from its chairman Samih Sawiris to help fund construction projects this year. It reported a 2011 loss of 69.7 million francs.
Raya Holding Co. (RAYA) dropped 3.3 percent, the most in a week, to 5.83 pounds. The Cairo-based information technology company said 2011 profit fell 18 percent to 34.6 million Egyptian pounds.
Sidi Kerir Petrochemicals Co. (SKPC) increased 1.2 percent to 14.25 pounds, the highest level in more than a week. Shareholders of the Alexandria, Egypt-based chemicals producer approved raising the company’s dividend payment for last year by 10 piasters to 1.55 pounds.
Six of October Development & Investment Co. (OCDI EY) slumped 3.7 percent to 15.83 pounds, the lowest level in almost two weeks. An Egyptian government agency has withdrawn a plot of land it had awarded the luxury-property developer for its Eastown project on the outskirts of Cairo, a decision the company said it plans to appeal.
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