Egyptian Stocks: Heliopolis, Kima, Orascom Development, Talaat

Egypt’s benchmark EGX30 Index jumped 3.3 percent, the most since March 27, to 5,263.3 at the 2:30 p.m. close in Cairo.

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

Heliopolis Housing (HELI) advanced 1.9 percent to 18.34 Eqyptian pounds, the highest level in more than a week. The Cairo-based real-estate developer sold a 1,071-square-meter land plot for 13 million pounds ($2.2 million).

Egyptian Chemical Industries (EGCH EY) climbed 5.2 percent to 243.96 Egyptian pounds, the highest level in two weeks. Egypt’s market regulator approved the rights-offering plan by the fertilizer producer also known as Kima. The company will offer existing shareholders 226 million shares at 5 pounds each.

Orascom Development Holding AG (ODHN) gained 2.1 percent to 10.32 pounds, the highest in almost a month. The Altdorf, Switzerland-based resorts developer appointed Gerhard Niesslein as its new chief executive officer. Executive Chairman Samih Sawiris will retain his position.

Talaat Moustafa Group (TMGH) Holding rose 6.3 percent, the most since May 29, to 4.71 pounds. Egypt’s biggest publicly traded property developer said it expects sales at its Madinaty project on the outskirts of Cairo to reach 27.5 billion pounds by the end of the year, confirming a report in Al Mal today.

To contact the reporter on this story: Ahmed A Namatalla in Dubai at anamatalla@bloomberg.net

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

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.