Bloomberg News

Egyptian Stocks: Orascom Telecom, Raya, Housing & Development

November 15, 2011

Nov. 15 (Bloomberg) -- Egypt’s benchmark EGX 30 Index dropped for a fifth day, losing 0.1 percent to 4,177.01 at the 2:30 p.m. close in Cairo, the lowest level in more than a month.

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

Housing & Development Bank (HDBK EY) climbed the most since Oct. 25, advancing 2.3 percent to 12.94 Egyptian pounds. The Cairo-based lender said it sold an administrative building on the outskirts of the capital for 376 million pounds ($63 million), resulting in a profit of 175 million pounds.

Medinet Nasr Housing (MNHD EY) retreated 1 percent to 11.81 pounds, the lowest level in more than a month. The Cairo-based real-estate developer said its nine-month profit fell by almost a third from a year earlier to 40.7 million pounds.

Orascom Telecom Holding SAE (ORTE EY) rose 1.3 percent, the most in more than two weeks, to 3.16 pounds. Algeria’s Finance Minister Karim Djoudi said the local unit of North Africa’s biggest mobile-phone company has agreed to share its books, a step that will help to accelerate the valuing of the company.

Raya Holding Co. (RAYA EY) fell to the lowest since Oct. 19, losing 1.3 percent to 3.81 pounds. The information technology company said its nine-month profit dropped to 24.5 million pounds from 29.2 million pounds a year earlier.

--Editors: Peter Branton, Linda Shen

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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