Bloomberg News

Egyptian Stocks: Palm Hills Developments, Oriental Weavers

November 20, 2011

Nov. 20 (Bloomberg) -- Egypt’s benchmark EGX 30 Index dropped 2.5 percent to 4,023.45 at the 2:30 p.m. close in Cairo, matching an eight-day losing streak from July.

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

Palm Hills Developments SAE (PHDC EY) declined 3.2 percent to 1.20 pounds, the lowest level in more than five weeks. The Egyptian luxury real-estate developer said an appeal of a verdict to strip it of a land plot it had bought from the government was referred to a judiciary panel.

Oriental Weaver Carpets Co. (ORWE EY) fell to the lowest level in more than a month, losing 2.9 percent to 30 pounds. The world’s biggest machine-made carpet manufacturer said its nine- month profit dropped 23 percent to 185.5 million pounds compared with a year earlier.

--Editors: Rob Verdonck, Shanthy Nambiar

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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