Egypt Stocks: Egyptian Kuwaiti, Maridive, Orascom Telecom
Egypt’s benchmark EGX30 Index gained for a fourth day, advancing 0.5 percent to 6,879.23 at the 2:30 p.m. close in Cairo. The measure has gained 3.7 percent this week.
The following stocks rose or fell in Egypt. Symbols are in parentheses.
Egyptian Kuwaiti Holding Co. (EKHO EY) surged 6.1 percent to $1.75, the biggest gain since May 2009. Investors are speculating the Cairo-based company will benefit from Emirates Telecommunications Corp.’s purchase of a 46 percent stake in Kuwait’s Mobile Telecommunications Co., known as Zain.
“There’s talk that Egyptian Kuwaiti owns around 50 million shares in Zain,” said Mansour Abbas, an equity trader at Cairo- based Naeem Brokerage.
Maridive & Oil Services SAE (MOIL EY) gained 1.4 percent to $2.92, its highest close in more than three months. Egypt’s Oil Ministry will auction seven sites along the Gulf of Suez for hydrocarbons exploration and production, it said in a statement through state-run Al Ahram newspaper.
Orascom Telecom Holding SAE (ORTE EY) gained 1.3 percent to 5.55 pounds, its highest level in almost four months. Naguib Sawiris, chairman of the Middle East’s biggest mobile-telephone operator by subscribers, said he hasn’t heard from the Algerian government since May regarding a dispute over Orascom’s unit.
Russia’s VimpelCom Ltd. is in a better place to solve the dispute, he said at a news conference Oct. 5 in Cairo after Orascom’s parent company, Weather Investments SpA and VimpelCom announced a planned merger.
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