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Egyptian Stocks: Orascom Construction, National Development Bank

Egypt’s benchmark EGX30 Index (EGX30) fell for the first time in four days, losing 0.5 percent to 5,344.56 at 12:23 p.m. in Cairo.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names.

Arab Polvara Spinning & Weaving Co. (APSW) increased as much as 3 percent, the most in a week, to 2.4 Egyptian pounds before trading at 2.35 pounds. The Alexandria, Egypt-based textiles manufacturer resumed operations at its factories today after workers ended a strike that demanded higher pay.

National Development Bank (DEVE) (DEVE EY) dropped 1.9 percent to 4.25 pounds, poised for its biggest daily loss in almost two weeks. The Cairo-based unit of Abu Dhabi Islamic Bank (ADIB) said its 2011 loss widened to 590.6 million pounds ($98 million) from 501.2 million pounds a year earlier.

Orascom Construction Industries (OCIC) fell 2.3 percent to 270 pounds, heading for its biggest daily loss in almost three weeks. Egypt’s biggest publicly traded developer lost a bid to build two university hospitals and a blood bank in Alexandria, Egypt, according to a finance ministry statement.

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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