GB, Orascom Construction, Palm Hills: Egyptian Equity Preview

The benchmark EGX30 Index gained 1.7 percent to 4,304.1 in Cairo.

GB Auto (AUTO EY): Car sales in Egypt fell 25 percent in August from a year earlier to 16,396 vehicles, Al Mal newspaper said, citing a report by the Automotive Marketing Information Council. Sales of locally assembled cars dropped 31 percent in the first eight months of the year. The shares of the Middle East’s biggest independent car assembler jumped 6.9 percent to 26.51 Egyptian pounds.

Orascom Construction Industries (OCIC) : The Arab country’s biggest publicly traded builder was awarded a 554 million Egyptian-pound ($93 million) contract to construct a residential project for property developer Palm Hills Developments SAE (PHDC) . Orascom Construction shares lost 0.4 percent to 228.56 pounds and Palm Hills declined 1.5 percent to 1.35 pounds.