Bloomberg News

Egyptian Stocks: Orascom Telecom Holding, Ezz Aldekhela Steel

March 29, 2012

Egypt’s benchmark EGX30 Index (EGX30) fell for the first time in three days, retreating 0.4 percent to 5,018.55 at the 2:30 p.m. close in Cairo. That pared the measure’s gain to 39 percent this quarter, making it the world’s best performer.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names

El Ezz Aldekhela Steel (IRAX) advanced 1.2 percent, the most since March 20, to 510.07 pounds. The metal manufacturer majority-owned by Ezz Steel (ESRS) said 2011 profit rose 4.2 percent to 696.9 million pounds ($115 million) compared with a year earlier. Ezz Steel declined 0.9 percent.

Orascom Telecom Holding SAE (ORTE) decreased 1.2 percent to 4.09 pounds, the lowest close in more than a week. Algeria’s government has yet to decide on the purchase price for a majority stake in Djezzy, a unit of Orascom, the Finance Minister said. An Algerian court fined Djezzy about $1.3 billion for foreign exchange violations, a ruling the company is appealing.

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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