Egyptian Stocks: Eastern Co. and Telecom Egypt Were Active

Egypt’s benchmark EGX 30 Index rose to the highest level in more than a month, gaining 1.2 percent to 3,877.29 at the 2:30 p.m. close in Cairo.

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

Eastern Co. (EAST) lost as much as 4.1 percent before closing unchanged at 93.86 Egyptian pounds. Egypt’s monopoly cigarette producer was given three months to implement a watermark system to combat counterfeit products, Al Mal reported, citing Fathy Abdelaziz, who heads the information unit at the country’s tax authority.

Eastern said yesterday implementing the system would cost the company about 207 million pounds ($34 million).

Telecom Egypt Co. (ETEL) advanced 1.6 percent to 14.34 pounds, the highest level in more than two months. The Arab country’s monopoly fixed-line phone company said its board of directors will propose at shareholder meeting on Jan. 29 paying a dividend of 30 piasters per share.

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

Bloomberg reserves the right to 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.