Cairo: Al-Naeem Investment predicted profits of South Valley Cement Company to dwindle during the third quarter of this year on the backdrop of new hikes in energy costs as well as the advent of new supplies of cement produced lately by an Armed Forces-owned company at 12 million tonne capacity per year.

SVCC's year-on-year profits declined by 77 percent to EGP20.69mln up from EGP89.12mln a year earlier.

Cement sales fell to EGP480.4mln down from EGP513.3mln a year earlier.

El-Naeem said the SVCC's stock will be a buy at EGP7.4 as compared with the current price of EGP2.88, recording 156 percent increase.

Only three stocks rose by 5 percent while up to 50 stocks, out of a total of 192, managed to rally today, Tuesday.

Stock of Cairo Poultry Company rose by 6.250 percent to settle at EGP6.460 up from EGP6.080 in the opening session with trading volumes amounting to EGP325.646 per stock.

Ezz Ceramic (ECAP) came second with 5.360 percent uptick and EGP11.790 closing price and EGP1.183mln valuation.

On the same vein, stock of Obour Land Food Industries was the least traded in terms of volume, posting just EGP741.8 trades through exchanging only 40 stocks. The stock ended trades at EGP18.55, the same as the closing price, whereas it rose during the session to EGP25.60.

Egy-Stone came second with only EGP875 trades recorded through exchanging 175 stocks only, whereas the stock ended transactions at EGP52.58, the same as the closing price.

Source: AlMal