Bloomberg News

Egypt Stocks: Heliopolis Housing and Palm Hills Developments

September 28, 2011

Sept. 28 (Bloomberg) -- Egypt’s benchmark EGX 30 Index lost 3.6 percent to 4,094.64, the lowest since March 2009, at the 2:30 p.m. close in Cairo. The measure is down 24 percent in the third quarter.

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

Heliopolis Housing (HELI EY) fell to the lowest in more than two years, losing 4 percent to 13.04 Egyptian pounds. The Cairo-based real-estate developer plans to auction plots of land next week as it seeks to boost liquidity, Al Mal reported.

Calls to the headquarters of Heliopolis Housing weren’t answered.

Palm Hills Developments SAE (PHDC EY) slumped to the lowest on record, sinking 5.9 percent to 1.27 Egyptian pounds. The board of the Egyptian luxury real-estate developer approved returning to the government a 190-feddan (197-acre) plot of land.

--Editors: Claudia Maedler, Shaji Mathew

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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