Egyptian Stocks: Orascom Construction, EFG-Hermes, the South Valley

Egypt EGX30 benchmark index (EGX30) fell by 1.7 percent to 4,394.32 at the end of 14.30 clock in Cairo, the lowest level since 24 January. The following actions have been active in the Egyptian stock exchange. Ticker symbols for the company name. EFG-Hermes Holding SAE (HRHO) fell by 5.1 percent to 10 Egyptian pounds, the lowest level in more than five months. IB Planet Ltd said in a statement yesterday, "confirmed the seriousness of his offer," the largest listed investment bank buy Arabic and threatens to derail an agreement between EFG-Hermes and create Qinvest another bank's investment policy. "There is speculation that the planet is trying to recruit large investors in EFG-Hermes, in order to submit a complaint with the authority to suspend the agreement Qinvest", Wafik Dawood, director of institutional sales at Cairo-based investment securities of mega said by telephone. "The dispute between the camps of pro-and anti-Qinvest weighs on sentiment." Orascom Construction Industries (OCIC) fell by 1.5 percent to 244.24 Egyptian pounds, the lowest level over the past four months. In the first quarter earnings for Egypt's largest listed producer, it fell by 54 percent to 567 million pounds (94 million) from the period last year. Those who missed the average estimate of 716 million pounds of eight analysts by Bloomberg. South Valley Cement (Svce) fell by 2.6 percent to 3.02 pounds, the lowest level since January. The producer of building materials based in Cairo is seeking a meeting of shareholders for approval for the sale of a precast concrete plant in Sharm el-Sheikh, Egypt.