Bloomberg News

Egypt Stocks: Naeem Holding and National Development Bank

December 07, 2011

Dec. 7 (Bloomberg) -- Egypt’s benchmark EGX 30 Index dropped to the lowest level in more than a week, losing 0.8 percent to 3,993.73 at the 2:30 p.m. close in Cairo.

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

Naeem Holding (NAHO EY) rose for the first time this week, surging 4.2 percent to 25 cents. The Egyptian financial holding company plans to buy back 5 million shares at 26 cents each.

National Development Bank (DEVE EY) rallied to the highest in more than two months, jumping 5.9 percent to 3.25 Egyptian pounds. The Cairo-based lender and its parent Abu Dhabi Islamic Bank PJSC plan to start a 100 million-pound ($17 million) investment fund, Al Mal reported, without saying how it got the information.

--With assistance from Mahmoud Kassem in Cairo. Editors: Shaji Mathew, Peter Branton

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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