Bloomberg News

Egyptian Stocks: Orascom Construction, Telecom Egypt and Sodic

October 16, 2011

Oct. 16 (Bloomberg) -- Egypt’s benchmark EGX 30 Index gained for a fourth day, increasing 1.5 percent to 4,214.22 at the 2:30 p.m. close in Cairo, the highest this month.

The following shares rose or fell. Symbols are in parentheses.

Arab Polvara Spinning & Weaving Co. (APSW EY) climbed 3.4 percent, the most in almost two months, to 1.84 Egyptian pounds. The Egyptian textiles manufacturer said its factories resumed operations Oct. 15 after workers ended a five-day strike.

Orascom Construction Industries (OCIC EY) advanced 2.3 percent to 226.48 pounds, the highest in almost three weeks. Egypt’s biggest publicly traded builder said one of its units won a shopping-mall construction contract valued at 416 million euros ($577 million) in Abu Dhabi.

Six of October Development & Investment Co. (OCDI EY) jumped 6.9 percent, the most in more than three months, to 14.02 pounds. The Cairo-based luxury real-estate developer said its sales reached 570 million Egyptian pounds ($95.5 million) in the first nine months of the year.

--Editors: Susan Lerner, Claudia Maedler

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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