Egypt Stocks: Maridive & Oil Services, Misr Beni Suef Cement

Egypt’s benchmark EGX 30 Index (EGX30) lost 2.3 percent to 4,234.24 at 2:02 p.m. in Cairo, the lowest intraday level since April 2009.

Maridive & Oil Services SAE (MOIL) dropped 7.8 percent to $2.02, the lowest intraday level since February 2009. The price of oil fell below $80 per barrel last week for the first time since Aug. 9. amid concern the global economy is headed for recession.

Misr Beni Suef Cement Co. (MBSC) declined 3.2 percent to 60 pounds, poised for its biggest daily loss since May 30. The Egyptian producer of the building material said shareholders have approved increasing the company’s paid-up capital to 500 million Egyptian pounds ($84 million) from 400 million pounds. The company will use its reserves to finance the increase.