Bloomberg News

Egyptian Stocks: Arab Cotton, Arab Polvara, Medinet Nasr Housing

October 17, 2011

Oct. 17 (Bloomberg) -- Egypt’s benchmark EGX 30 Index rose for a fifth day, gaining 0.8 percent to 4,249.26 at the 2:30 p.m. close in Cairo, the highest in three weeks.

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

Arab Cotton Ginning (ACGC EY) climbed 1.7 percent to 2.99 Egyptian pounds, the highest since Oct. 4. The Cairo-based textiles manufacturer said it will pay a 20-piaster dividend on Nov. 2 for shareholders as of Oct. 30.

Arab Polvara Spinning & Weaving Co. (APSW EY) advanced 2.2 percent to 1.88 pounds, the highest in more than two weeks. The Egyptian textile company said worker strikes have cost the company 3 million pounds ($503,000).

Medinet Nasr Housing (MNHD EY) advanced to the highest in three weeks, gaining 1.7 percent to 12.48 pounds. The Egyptian real-estate developer completed design plans to turn a 5.5 million square-meter (52.9 million square-foot) land plot on the outskirts of Cairo into a residential community, Al Mal newspaper reported.

--With assistance from Zahra Hankir in Dubai. Editors: Peter Branton, James Kraus

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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