National Societe, Orascom Construction: Egyptian Equity Preview

The benchmark EGX30 Index dropped 1.8 percent to 4,613.51 in Cairo.

National Societe Generale (GLE) Bank: Societe Generale SA, the parent company of the Cairo-based lender, plans to cut jobs at three of its units including the one in Egypt. The shares retreated 0.8 percent to 29.79 Egyptian pounds.

Orascom Construction Industries (OCIC) (OCIC EY, ORSD LI): Morgan Stanley raised Egypt’s biggest publicly traded builder to “overweight” from “equal-weight” with a share-price estimate of $49 for the London-traded shares.

HSBC Holdings Plc increased the price estimate for the Cairo-traded shares 6.3 percent to 335 pounds. The Egyptian shares lost 0.9 percent to 237.48 pounds yesterday. The London shares rose 0.2 percent to $39.69 as of 9:04 a.m. local time.