Bloomberg News

Egyptian Stocks: Egyptian Co. for Mobile Services, GB Auto

February 21, 2012

Feb. 21 (Bloomberg) -- Egypt’s benchmark EGX30 Index lost the most in almost two months, dropping 2.4 percent to 5,030.75 at the 2:30 p.m. close in Cairo.

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

Egyptian Co. for Mobile Services (EMOB EY) fell for a second day, retreating 1.9 percent to 171.86 Egyptian pounds. The country’s second-biggest mobile-network operator, also known as Mobinil, posted a fourth-quarter loss of 177 million pounds ($29 million) after a profit a year earlier because of civil unrest, new taxes and increased competition.

GB Auto (AUTO EY) jumped 4.1 percent to 24.57 pounds, the highest level in more than four months. The biggest independent car assembler in the Middle East signed an agreement with Geely Automobile Holding Ltd. to produce the Chinese passenger cars in Egypt and distribute them in North Africa.

--Editors: Peter Branton, Linda Shen

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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