Egyptian Stocks: Egyptian Resorts and National Co. for Maize

Egypt’s benchmark EGX 30 Index (EGX30) lost 3.9 percent, the biggest intraday drop since March 24, to 4,813.93 at 11:35 a.m. in Cairo.

The following shares rose or fell. Symbols are in parentheses:
Egyptian Resorts Co. (EGTS) fell 4.4 percent, the biggest intraday drop in almost two weeks, to 1.09 Egyptian pounds. Egypt’s Tourism Development Authority has set $5 to $12 as the new price range per square meter of land reclaimed from developers of tourist areas, Al Mal reported, citing an unidentified official at the authority. The tourism agency will return the land to the developers if they agree to pay the new rate, the newspaper reported.

National Co. for Maize Products (NCMP EY) retreated 3 percent to 17 pounds, poised for the biggest daily loss in a month. The Cairo-based producer of sweeteners said six-month profit declined 28 percent from a year-earlier to 30.7 million Egyptian pounds ($5.2 million).