Egyptian Stocks: Orascom Telecom, Housing & Development Bank

Egypt’s benchmark EGX 30 Index increased 1.3 percent to 3,920.17 at the 2:30 p.m. close in Cairo, the highest level in six weeks.

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

Housing & Development Bank (HDBK EY) declined 1.8 percent to 10.61 Egyptian pounds, the lowest level since December 2006. The Cairo-based bank is targeting a profit of 296.7 million pounds ($49 million) this year as it adopts a “conservative” lending policy, leading to 7.7 percent growth in its loans portfolio.

Orascom Telecom Holding SAE (ORTE) surged 51 percent to 2.62 pounds. The stock soared on speculation the Cairo-based mobile phone company was undervalued after it split into two and it resumed trading after a two-month suspension.

Shareholders approved dividing Orascom Telecom to facilitate a $6.5 billion merger between parent Wind Telecom SpA and Russia’s VimpelCom Ltd. (VIP) Orascom Telecom Media and Technology Holding SAE, the split-off entity which isn’t included in the merger and controls the former Egyptian and North Korean assets of Orascom Telecom, slumped 28 percent to 90 piasters.

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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