ECONOMY

No impact on Titan, Piraeus from Egypt riots

Titan Cement and Piraeus Bank are two companies listed on the Athens bourse which have exposure to Egypt, currently hit by social unrest.

However, analysts have played down the impact recent riots will have on their financials, saying that it is too early for turmoil to hurt local operations and that revenues from the country are relatively low.

In regard to Titan, National Securities said in a note on Friday ?that cement production and consumption cannot be disrupted by low-scale turmoil.?

?In case riots grow in a widespread social unrest we could then see material risks associated with the operation of heavy industries in the country,? it added.

Titan earns 26 percent of group sales in Egypt. Its shares eased 0.49 percent on Friday to 16.12 euros. Piraeus Bank, which is Greece?s fourth-largest lender, has 48 branches in Egypt and a 1.6 percent market share in the country.

Analysts said they do not see any impact on Piraeus fundamentals given the relative small size of its business there. Shares in the bank firmed 0.61 percent to 1.64 euros in Athens.