Egyptian Stocks: Talaat Moustafa and Six of October Advance

Egypt’s benchmark EGX 30 Index fell for the second day, decreasing 0.3 percent to 6,682.61 at the 2:30 p.m. close in Cairo.

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

Talaat Moustafa Group Holding (TMGH EY) rose 0.5 percent to 8.06 Egyptian pounds, after earlier climbing as much as 1.3 percent. Egypt is ready to change a draft law on land auctions to solve the legal dispute surrounding the company’s purchase of land from the government for its Madinaty project, Cabinet spokesman Magdy Rady told reporters in Cairo today.

Six of October Development & Investment Co. (OCDI EY) rose the most in almost a week, gaining 1.1 percent to 99.85 pounds. The Egyptian luxury real-estate developer denied a report it is planning to sell 1 billion pounds ($173 million) of bonds. Al Mal newspaper said yesterday the company may sell 1 billion pounds of bonds as part of a plan to raise 1.5 billion pounds to fund projects.

To contact the reporter on this story: Mahmoud Kassem in Cairo at mkassem1@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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