Egyptian Stocks: Ezz Steel Advances, Telecom Egypt Declines

Egypt’s benchmark EGX 30 Index (EGX30) gained for the first time in a week, adding 0.6 percent to 3,649.42 at the 2:30 p.m. close in Cairo.

The following were among active equities on the Egyptian Stock Exchange today. Stock symbols follow company names.

Ezz Steel (ESRS) advanced for the first time in four days, climbing 1.1 percent to 3.68 pounds. Al Ezz Dekheila Steel Co., the company 53 percent-owned by the steelmaker, said nine- month profit rose 0.5 percent from a year earlier to 562 million pounds ($93 million). Ezz Steel hasn’t reported third-quarter results yet.

Telecom Egypt Co. (ETEL)(ETEL EY) fell as much as 2.5 percent before closing 0.7 percent lower at 13.4 pounds. The Arab country’s fixed-line monopoly said its board will meet this week to choose a chief executive officer.

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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