Bloomberg News

Egyptian Stocks: Mobinil and Maridive & Oil Services

October 31, 2011

Oct. 31 (Bloomberg) -- Egypt’s benchmark EGX 30 Index was little changed, declining less than 0.1 percent to 4,451.4 at the 2:30 p.m. close in Cairo. The measure climbed 7.6 percent in October, its first monthly gain since May.

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

Egyptian Co. for Mobile Services (EMOB EY) increased 2.4 percent to 104.09 Egyptian pounds, the highest level in more than three months. The Arab country’s second-biggest mobile- network operator by users, also known as Mobinil, was raised to “neutral” from “underweight” and had its share-price estimate set at 102.1 pounds at AlembicHC.

Maridive & Oil Services SAE (MOIL EY), an Egyptian marine and oil support services provider, lost 2.1 percent, the most in three weeks, to $1.91. The price of crude oil fell in New York on speculation demand will falter after the biggest monthly gain in more than two years and a surge in the dollar.

--Editors: Claudia Maedler, Susan Lerner

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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