Egyptian Stocks: Commercial International Bank, Palm Hills

Egypt’s benchmark EGX 30 Index (EGX30) gained 1.1 percent to 5,613.45, the highest since Jan. 27.

The following shares rose or fell in Cairo. Symbols are in parentheses.

Commercial International Bank SAE (COMI EY) gained 2.1 percent to 31.02 Egyptian pounds. Al Mal reported the Cairo- based lender is among local banks approached by East Delta Electricity Production Co. for a 1.8 billion Egyptian- pound ($303 million) loan.

Egyptian Financial & Industrial Co. (EFIC) dropped as much as 1.4 percent to 16.6 pounds before closing at 16.79 pounds. First-quarter profit tumbled 88 percent to 2.95 million pounds.

Palm Hills Developments SAE (PHDC) climbed to the highest in more than two months, jumping 3.3 percent to 2.53 pounds, amid investor speculation a Persian Gulf real-estate developer may buy a stake in the Egyptian company.

"There are no talks, but the company is open to all options," Bassem el-Shawy, senior investor relations manager at Palm Hills, said in an e-mailed response to questions from Bloomberg News.

To contact the reporters on this story: Ola Galal in Cairo at ogalal@bloomberg.net; Zahra Hankir in Dubai at zhankir@bloomberg.net

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

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