Bloomberg News

Egyptian Stocks: CIB, Orascom Telecom Media and Juhayna Food

February 15, 2012

Feb. 15 (Bloomberg) -- Egypt’s benchmark EGX30 Index retreated for a second day, losing 1.2 percent to 5,003.45 at the 2:30 p.m. close in Cairo.

The following shares were active on the Egyptian Exchange today. Stock symbols follow company names.

Commercial International Bank Egypt SAE (COMI EY) lost the most in more than a week, declining 1.6 percent to 23.59 Egyptian pounds. The Arab country’s biggest publicly traded lender was reduced to “sell” from “hold” and the 12-month share-price estimate cut to 21 pounds from 26 pounds at Deutsche Bank AG.

Juhayna Food Industries (JUFO EY) declined 1.4 percent, the most in almost two weeks, to 4.9 pounds. Egypt’s biggest producer of packaged milk was cut to “neutral” from “overweight” and had its share-price estimate reduced 28 percent to 5.07 pounds at HC.

Orascom Telecom Media & Technology Holding SAE (OTMT EY) which owns a stake in Egyptian Co. for Mobile Services, or Mobinil, fell for the first time in more than three weeks, slumping 6.3 percent to 1.48 pounds. Investors are speculating the 76 percent rally of the shares of the Egyptian mobile- telephone company since Jan. 22 was overdone.

France Telecom SA said Feb. 13 it reached a preliminary agreement to increase its stake in Mobinil. “We’re seeing profit-taking as the shares near the 1.8 pound level we estimate they are worth after the Mobinil sale,” said Tamer Nigm, head of sales and trading at Cairo-based Watheeqa Securities Brokerage. “It’s still unclear whether profit from the sale will be distributed fully or partially to investors.”

Mobinil surged by the daily limit for a third day, climbing 10 percent to 166.83 pounds.

--Editors: Claudia Maedler, Inal Ersan

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


Video Game Avenger
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus