Bloomberg News

Egyptian Stocks: Orascom Telecom Holding, El Sewedy Electric

January 23, 2012

Jan. 23 (Bloomberg) -- Egypt’s benchmark EGX 30 Index climbed 2.4 percent, the most since Nov. 29, to 4,014.27 at the 2:30 p.m. close in Cairo.

The following were among the most-active equities on the Egyptian Exchange today. Stock symbols follow company names.

El Sewedy Electric Co. (SWDY EY) gained 0.8 percent to 22.09 Egyptian pounds, the highest since Dec. 15. Egypt’s biggest publicly traded manufacturer of electric cables said one of its units won a $59 million contract to sell and install high-voltage cables in Kuwait.

Orascom Telecom Holding SAE (ORTE EY) surged for a second day, gaining 9.2 percent to 2.86 pounds. Investors are speculating the Cairo-based mobile phone company is undervalued after it split into two entities.

“The stock is still seen as undervalued and there’s speculation that a lot more value will be unlocked as the Djezzy problem comes to an end,” said Ashraf Akhnoukh, senior equity sales trader at Cairo-based Commercial International Brokerage. Algeria signed an agreement to buy Orascom Telecom Holdings’ local unit, Djezzy.

Orascom Telecom Media and Technology Holding SAE, the split-off entity, rose 2.2 percent to 92 piasters. The shares lost 28 percent yesterday.

--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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