Ezz Steel drops to 2-Month low as trading resumes after halt

Ezz Steel fell to the lowest level in more than two months as the shares resumed trading after a one-day suspension because of failure to disclose consolidated 2010 financial results.

The stock retreated 4.6 percent to 9.21 Egyptian pounds at the 2:30 p.m. close in Cairo, the lowest level since May 17. The shares have declined 53 percent this year, giving the company a market value of 5 billion pounds ($839 million). The benchmark EGX30 Index retreated 0.4 percent.

The Egyptian Exchange has given Ezz Steel 10 more days to report consolidated earnings. On July 6, the exchange granted the company and its subsidiary El Ezz Aldekhela Steel 15 days to report 2010 results or face the trading halt. Ezz Steel is waiting for its subsidiary to report results before providing the consolidated numbers, it said in a statement.