Bloomberg News

Egyptian Stocks: Orascom Telecom Media, Al Baraka Bank Egypt

May 03, 2012

Egypt’s benchmark EGX30 Index (EGX30) advanced 0.5 percent to 4,929.24 at the 2:30 p.m. close in Cairo. That pared the gauge’s decline to 0.1 percent this week.

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

Al Baraka Bank Egypt ESC (SAUD) gained 2 percent, the most since April 23, to 8.84 Egyptian pounds. The Cairo-based unit of Bahrain’s Albaraka Banking Group wants to increase its profit this year by more than 20 percent, Al Mal reported, citing Managing Director Ashraf El Ghamrawy.

Orascom Telecom Media & Technology Holding SAE (OTMT) , a Cairo-based mobile-phone company controlled by Egyptian billionaire Naguib Sawiris, rose as much as 2.2 percent to 1.41 pounds before closing at 1.39 pounds. Telecom Italia SpA (TIT), the country’s largest phone company, is in talks to sell its Matrix SpA Internet unit to Sawiris, according to a person with knowledge of the matter.

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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