Amer Group and Ezz Steel: Egyptian Equity Preview

The benchmark EGX30 Index dropped 1.6 percent to 4,538.58 in Cairo.

Amer Group (AMER EY): Egypt’s tourist arrivals in August were down 21 percent from a year earlier, the Ministry of Tourism said in a statement yesterday. Shares of the Cairo-based resorts and restaurants developer and operator declined 3.1 percent to 1.26 Egyptian pounds.

Ezz Steel (ESRS) : Egypt’s biggest manufacturer of the metal had its share-price estimate cut 9 percent to 11 Egyptian pounds at EFG-Hermes Holding SAE because of the Arab country’s recent tax hike, higher labor costs and delays to the start of a new plant. The investment bank’s recommendation on the stock was maintained at “buy.” The shares lost 2.7 percent to 8.42 pounds.