Bloomberg News

Egyptian Stocks: Ezz Steel, Orascom Telecom Holding Are Active

October 24, 2011

Oct. 24 (Bloomberg) -- Egypt’s benchmark EGX 30 Index rose for a fourth day, climbing 0.3 percent to 4,311.88 at the 2:30 p.m. close in Cairo, the highest level in more than a month.

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

Ezz Steel (ESRS EY) dropped the most in almost two weeks, losing 1.9 percent to 6.06 Egyptian pounds. Egypt’s biggest publicly traded producer of the metal has reduced the price of steel rebar for delivery next month by 6.3 percent, to 4,500 Egyptian pounds ($753) per ton, Al Mal newspaper reported, citing distributors.

Orascom Telecom Holding SAE (ORTE EY) rose as much as 1.9 percent before closing 0.6 percent higher at 3.21 pounds, the highest level in a week. Shareholders of North Africa’s biggest mobile network operator approved splitting the company in two entities to facilitate a merger with Russia’s VimpelCom Ltd.

--Editors: James Kraus, Tim Farrand

To contact the reporter on this story: Ahmed A Namatalla in Cairo at

To contact the editor responsible for this story: Claudia Maedler at

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