Egyptian Stocks: Orascom Construction and Al Arafa Investment

Egypt’s benchmark EGX30 Index (EGX30) rose for a second day, advancing 1.1 percent to 5,040.05 at the 2:30 p.m. close in Cairo. The gauge has increased 39 percent this quarter, making it the region’s best performer.

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

Al Arafa Investment & Consulting (AIVC) rallied 2.9 percent, the most since March 14, to 36 cents. Egypt’s biggest publicly traded garment exporter said a “leading” Egyptian bank has offered to buy 38 percent of the company’s domestic clothing retail unit Concrete. The offer values Concrete at 400 million Egyptian pounds, Al Arafa said in a regulatory filing today.

Orascom Construction Industries (OCIC) gained 1.7 percent to 259.63 pounds, the highest close since March 22. Egypt’s biggest publicly traded builder had its share-price estimate raised to 295 pounds from 280 pounds at Citigroup Global Markets Ltd. The stock recommendation was maintained at buy.

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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