Egypt Stocks: Egyptian Iron, Orascom Telecom, South Valley

Egypt’s benchmark EGX30 Index retreated for a fifth day, dropping 1.3 percent to 6,733.47 at the 2:30 p.m. close in Cairo, the biggest decline in almost two months.

The following stocks rose or fell in Egypt. Symbols are in parentheses.

Egyptian Iron & Steel (IRON EY) dropped 2.3 percent to 10.68 Egyptian pounds, the biggest loss in two weeks. The Cairo- based producer of the metal said in a regulatory filing it isn’t the subject of negotiations by its parent company, Metallurgical Industries Holding Co., for a possible partnership with ArcelorMittal.

Orascom Telecom Holding SAE (ORTE EY) retreated 3.7 percent to 4.74 pounds, the lowest level since Dec. 28. The Middle East’s biggest mobile-phone company by subscribers described Algerian press reports on government demands of $230 million in back-taxes as “inaccurate.” The government’s tax reassessment is “preliminary” and Algerian law allows Orascom Telecom to challenge it within 40 days, the Cairo-based company said in a regulatory filing.

South Valley Cement (SVCE EY) fell 1.4 percent to 5.75 pounds, the biggest drop in almost a week. Blue Nile Limited Co. sold 47.6 million shares in South Valley in the past two days, the Egyptian Exchange said in a disclosure notice today. The shares represent 20 percent of Blue Nile’s stake in the company, according to Bloomberg calculations.

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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