Bloomberg News

Egyptian Stocks: EFG-Hermes and Talaat Moustafa Group Holding

July 09, 2012

Egypt’s benchmark EGX 30 Index (EGX30) fell 4.2 percent, the most in almost three weeks, to 4,698.52 at the 2:30 p.m. close in Cairo.

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

EFG-Hermes Holding SAE (HRHO) dropped 4.4 percent to 10.60 Egyptian pounds, the lowest level this month. The trial of the company’s co-Chief Executive Officers Hassan Heikal and Yasser el-Mallawany on charges of market manipulation started today. Court was adjourned until July 14.

Talaat Moustafa Group Holding SAE (TMGH) plunged 9.3 percent, the most since March 2011, to 3.99 pounds. Egypt’s biggest publicly traded real-estate developer was cut to neutral from overweight and had its share-price estimate reduced 10 percent to 5.2 pounds at HC.

A panel of judges recommended on July 7 the annulment of a revised contract that allowed the company to buy its biggest land asset from the government.

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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