Bloomberg News

El Sewedy Jumps Most September After Returning to MSCI Index

November 16, 2011

Nov. 16 (Bloomberg) -- El Sewedy Electric Co. jumped the most since September after MSCI Inc. said it will add Egypt’s biggest manufacturer of electric cables to its MSCI Egypt Index.

The shares of the Cairo-based company climbed 3.1 percent, the biggest gain since Sept. 5, to 20.25 Egyptian pounds at the 2:30 p.m. close. That valued El Sewedy at 4.73 billion pounds ($791 million). The benchmark EGX 30 Index lost 0.2 percent.

El Sewedy, which was dropped from the MSCI Egypt Index at the end of May, will be added at the end of the trading day on Nov. 30, MSCI said on its website.

--Editors: Claudia Maedler, Ash Kumar

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


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus