Egypt’s benchmark EGX 30 Index (EGX30) rose for the fourth time in five days, advancing 0.5 percent to 4,740.53 at the 2:30 p.m. close in Cairo.
The following shares were active on the Egyptian Exchange. Stock symbols follow company name.
Commercial International Bank Egypt SAE (COMI) , the country’s biggest publicly traded lender, gained 1.3 percent to 28.47 Egyptian pounds. Egypt’s Finance Ministry said it plans to change its debt issuance strategy to focus on longer-maturity securities. Local banks have been the largest buyers of the debt since the start of last year’s revolution.
National Societe Generale Bank (NSGB) and Credit Agricole Egypt (CIEB) advanced 0.2 percent and 0.8 percent, respectively.
Orascom Telecom Media & Technology Holding SAE (OTMT) declined 2 percent to 1.45 pounds, the lowest close in almost three weeks. The Cairo-based company was rated hold in new coverage at Pharos Holding for Financial Investments, which cited the high risk of the company’s North Korean asset and lack of information about its strategy.
Shareholders on record today will be eligible for a 1.05 pound per share dividend on July 19.
To contact the reporter on this story: Ahmed A. Namatalla in Cairo at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com