Bloomberg News

Egyptian Stocks: Arab Polvara, Beltone Financial, Palm Hills

February 28, 2012

Egypt’s benchmark EGX30 Index (EGX30) rose for the third time in four days, gaining 0.1 percent to 5,224.89 at the 2:30 p.m. close in Cairo.

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

Arab Polvara Spinning & Weaving Co. (APSW) lost the most in more than two months, slumping 3.3 percent to 2.35 Egyptian pounds. The Alexandria, Egypt-based textiles manufacturer closed its factories and administrative offices from yesterday to March 1 because of worker strikes demanding higher pay.

Beltone Financial Holding (BTFH) dropped 3.3 percent, the most in more than a week, to 12.08 pounds. The Cairo-based investment bank sold a 9.05 percent stake to SOS Holding at 12.5 pounds a share. The bank announced two other sales this month which valued the shares at 13.87 pounds on Feb. 8 and 13 pounds on Feb. 19. It also put its brokerage business for sale.

Palm Hills Developments SAE (PHDC) fell for the first time in four days, declining 0.9 percent to 2.27 pounds. The Egyptian luxury real-estate developer said market speculation that it is negotiating to sell a stake to a foreign investor is “unfounded.”

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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